Articles from Shenwick & Associates

April 1, 2020
From: NY Post
By: Thornton McEnery

A Brooklyn taxi operator who got his first medallion in the 1970s has filed for bankruptcy as the coronavirus ravages an already struggling industry, The Post has learned.

Joe Pross, who started driving a taxi in 1975 and now runs a fleet of 42 cabs, filed for Chapter 11 bankruptcy protection for his Crown Heights-based medallion company, Walker Service Corp., on March 27, court papers show.

Coronavirus Decimates N.Y.C. Taxi Industry: ‘The Worst It’s Ever Been’
There are so few travelers left at Kennedy International Airport, one of the world’s busiest airfields, that taxis wait six hours or more for a single passenger.

Taxi companies can no longer find enough drivers for their fleets because there is so little business.

And some cabdrivers are so fearful of being exposed to the coronavirus they are staying home with no way to pay mounting bills.

Affluent Taxpayers and the Discharge of Taxes in Bankruptcy 

In these difficult times, many clients have contacted Shenwick
& amp; Associates asking  whether they should file for
bankruptcy and whether the taxes they owe are dischargeable
in bankruptcy. Both bankruptcy law and tax law are code
oriented and the intersection of those two areas of the law
can create complexity and confusion.  

From: vox.com
By: Matthew Yglesias

https://www.vox.com/2020/3/16/21181500/joe-biden-elizabeth-warren-bankruptcy