Articles from Shenwick & Associates

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Forbes: Can Student Loans Now Be Discharged In Bankruptcy?

Submitted by Anonymous (not verified) on Wed, 06/20/2018 - 00:21

By Zack Friedman

It's one of the most intensely-debated student loan questions: Can you discharge your student loans in bankruptcy?
The short answer: normally, student loans are not dischargeable. However, that may change.

Here's what you need to know - and why.

Student Loans & Bankruptcy: Overview

First, a quick overview. As many borrowers struggle to repay ballooning student loan debt, bankruptcy is one option that gets floated.

May 2018 TLC medallion sales

Submitted by Anonymous (not verified) on Wed, 06/20/2018 - 00:13

The May 2018 New York City Taxi & Limousine Commission (TLC) sales results have been released to the public. And as is our practice, provided below are James Shenwick’s comments about those sales results.

Wall Street Journal: Judges Wouldn't Consider Forgiving Crippling Student Loans-Until Now

Submitted by Anonymous (not verified) on Tue, 06/19/2018 - 23:47

In interviews with the Wall Street Journal, more than 50 current and former bankruptcy judges, frustrated at seeing borrowers leave federal courtrooms with six-figure debts, say they or their colleagues are more open to chipping away at the decades-old guidelines that determine how such debt is treated.
 
“If the law’s not going to be improved by Congress, we have to help these young people who are drowning in student loan debt,” said U.S. Bankruptcy Court Judge John Waites in South Carolina.

Crain's New York Business: The other Uber fight: Unions brawl to rep drivers

Submitted by Anonymous (not verified) on Tue, 06/19/2018 - 23:30

By Will Bredderman
Who speaks for Uber drivers?
As market saturation and driver suicides wrack the taxi and black-car industry, and the city gears up for another street fight with ride-hail apps, three powerhouse unions are in an equally heated drag race to represent car operators working under Uber, Lyft and their competitors. All call themselves the definitive voice of tens of thousands of drivers and claim the others are frauds.

New York Post: 139 taxi medallions will be offered at bankruptcy auction

Submitted by Anonymous (not verified) on Tue, 06/12/2018 - 22:01

By John Aidan Byrne

New York City’s struggling yellow cabbies are facing the auction block.

PYMNTS.com: Record Number Of NYC Taxi Medallions Up For Auction

Submitted by Anonymous (not verified) on Tue, 06/12/2018 - 19:53

Call it the Uber effect: A record 139 New York City taxi medallions will be up for sale in bankruptcy auction this month as cab drivers continue to struggle to compete with ridesharing apps.

New York Times: Another Taxi Driver in Debt Takes His Life. That’s 5 in 5 Months.

Submitted by Anonymous (not verified) on Tue, 05/29/2018 - 21:09

By Nikita Stewart and Luis Ferré-Sadurni
On a corner of 86th Street and East End Avenue in Manhattan on Sunday, three posters for a missing man were still hanging on a lamp post about a block from the East River.

New York Magazine: Driven to Despair

Submitted by Anonymous (not verified) on Tue, 05/22/2018 - 20:49

By Jessica Bruder

Dischargeability of taxes in bankruptcy

Submitted by Anonymous (not verified) on Mon, 05/21/2018 - 21:42

Here at Shenwick & Associates, many clients, lawyers and accountants have called us regarding the discharge of taxes in bankruptcy filings.  Many kinds of “old” state and federal income taxes are dischargeable in bankruptcy. In the case of income taxes, they are dischargeable in Chapter 7 if all the following criteria are met:

New York Daily News: City sets aside sale of taxi medallions as their value plummets

Submitted by Anonymous (not verified) on Wed, 05/16/2018 - 17:53

By Dan Rivoli and Erin Durkin

The city has indefinitely pushed off selling more taxi medallions as the market for the once-valuable medallions continues to plunge.
Mayor de Blasio's executive budget assumes no cash will come in from taxi medallion sales for the next five years.

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