Articles from Shenwick & Associates

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Mic: New York city cab drivers face depression and debt amid increased competition from Uber and Lyft

Submitted by Anonymous (not verified) on Mon, 09/24/2018 - 21:03

By Josh Ocampo | Sept. 21, 2018 Nic Hunt has been driving a taxicab in New York City for more than 30 years. Hunt’s best friend, Nicanor Ochisor, died by suicide in March.

Jacobin Magazine: The Graying of Bankruptcy

Submitted by Anonymous (not verified) on Wed, 09/12/2018 - 19:03
By Meagan Day
 
In old age, health declines. This is obvious, but its implications for social wellbeing are enormous.

August 2018 TLC medallion sales

Submitted by Anonymous (not verified) on Thu, 09/06/2018 - 18:23

The August 2018 New York City Taxi & Limousine Commission (TLC) sales results have been released to the public. And as is our practice, provided below are Jim Shenwick’s comments about those sales results.
1. The volume of transfers rose from July. In August, there were 52 taxi medallion sales.

New York Times: Where Yellow Cabs Didn’t Go, Green Cabs Were Supposed to Thrive. Then Came Uber.

Submitted by Anonymous (not verified) on Tue, 09/04/2018 - 20:47

By James Barron
Mohammed Uddin was having a bad day, and it was only lunchtime. He was fourth in line at a green-taxi stand in Astoria, Queens, and not happy about it.
But he was not waiting for a green cab to pull up. He was in a line of green cabs waiting for passengers to pick up in the shadow of the Astoria Boulevard subway station.

Are New York City Bars and Restaurants About to Close or Go Bankrupt? Is the NYC Hospitality Trade About to Get a Serving of Trouble?

Submitted by Anonymous (not verified) on Wed, 08/29/2018 - 20:51

Here at Shenwick & Associates, we were one of the first law firms to foresee the taxi medallion valuation crisis.  And now, we see the potential for disruption to another integral aspect of life in New York City–the hospitality industry, including restaurants and bars.

NBC: Here's what happens when you miss your credit card payments

Submitted by Anonymous (not verified) on Tue, 08/28/2018 - 21:50

by Herb Weisbaum

Credit card delinquencies on the rise. Despite a strong economy and low unemployment, Americans are falling behind in paying off their credit card debt.

The delinquency rate on all U.S. credit card loans is 2.47 percent — up from 2.42 percent at the beginning of 2017 and 2.12 percent in the second quarter of 2015, according to the Federal Reserve Bank of St. Louis.

New York Times: The Student Debt Problem is Worse Than We Imagined

Submitted by Anonymous (not verified) on Mon, 08/27/2018 - 20:57

By Ben Miller

Millions of students will arrive on college campuses soon, and they will share a similar burden: college debt. The typical student borrower will take out $6,600 in a single year, averaging $22,000 in debt by graduation, according to the National Center for Education Statistics. 

There are two ways to measure whether borrowers can repay those loans: There’s what the federal government looks at to judge colleges, and then there’s the real story. The latter is coming to light, and it’s not pretty. 

CBS4 Denver: Bankruptcy Filer Takes Student Loan Servicer To Court

Submitted by Anonymous (not verified) on Thu, 08/23/2018 - 20:05

PARKER, Colo. (CBS4) – The Federal Reserve estimates that student loan debt is a $1.5 trillion problem in America. This debt is sinking many families into bankruptcy, but a new interpretation of the law may be offering some relief.

Paige McDaniel decided to go back to school to get a bachelors and masters degrees in business administration. She chose the online program at Lakeland University.

“I didn’t want a publicly traded school. I wanted a school that was an actual university, and had a focus on academics,” McDaniel told CBS4.

Washington Post: The silver bullet for student debt: Bankruptcy

Submitted by Anonymous (not verified) on Thu, 08/23/2018 - 17:50

By F.H. Buckley   American higher education badly needs reform. Over the past two decades, universities have regarded the availability of hundreds of millions of dollars in federal student loans as an excuse for staggering tuition increases.

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