Articles from Shenwick & Associates

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Taxi Medallion Litigation-An Update

Submitted by Anonymous (not verified) on Tue, 09/19/2017 - 22:26

New York Times: Taxi Medallions, Once a Safe Investment, Now Drag Owners Into Debt

Submitted by Anonymous (not verified) on Wed, 09/13/2017 - 23:03

By WINNIE HU

Owning a yellow cab has left Issa Isac in deep debt and facing a precarious future.
It was not supposed to turn out this way when Mr. Isac slid behind the wheel in
2005. Soon he was earning $200 a night driving. Three years later, he borrowed
$335,000 to buy a New York City taxi medallion, which gave him the right to operate
his own cab.

Taxi medallions lenders enter conservatorship

Submitted by Anonymous (not verified) on Thu, 08/31/2017 - 18:20

Here at Shenwick & Associates, we’ve been paying close attention to developments concerning the plummeting values of New York City taxicab medallions.  A client we’ve been working with sent us this AP story last month that describes how the taxicab medallion crash isn’t just affecting owners of medallions and cab drivers, but has spread to lending companies.

Reason: Why Did the IRS Seize this Wedding Boutique and Sell Everything for Next to Nothing?

Submitted by Anonymous (not verified) on Thu, 07/20/2017 - 21:28

By Allie Howell

In 2015, IRS agents strode into a Dallas wedding boutique, shut it down, and sold the entire inventory in just four hours to recoup alleged unpaid taxes. Now, the former owners are seeking financial compensation. They have filed a $2 million lawsuit, alleging multiple IRS rule violations and acts of impropriety.

Boston Globe: The collapse of the taxi-medallion shakedown

Submitted by Anonymous (not verified) on Thu, 07/20/2017 - 21:25

By Jeff Jacoby. It made headlines in 2011 when two New York City taxi medallions changed hands for $1 million apiece. At the time, it was the highest price ever recorded for one of the numbered metal tags that are required to lawfully operate a cab on the city’s streets.

New York Times: As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away

Submitted by Anonymous (not verified) on Tue, 07/18/2017 - 18:33

By STACY COWLEY and JESSICA SILVER-GREENBERG

Tens of thousands of people who took out private loans to pay for college but have
not been able to keep up payments may get their debts wiped away because critical
paperwork is missing.

The troubled loans, which total at least $5 billion, are at the center of a
protracted legal dispute between the student borrowers and a group of creditors who
have aggressively pursued them in court after they fell behind on payments.

Three Strikes and Your (Stay's) Out: The Consequences of Serial Bankruptcy Filings

Submitted by Anonymous (not verified) on Wed, 06/28/2017 - 19:58

Many clients have contacted us regarding serial bankruptcy filers-people who filed for bankruptcy two or more times. Since 1984, Congress has been attempting to deal with debtors who took advantage of the automatic stay while making few or no payments to their creditors. This month, we’ll look at how the Bankruptcy Abuse and Creditor Protection Act of 2005 (BAPCPA) enhanced penalties for serial filers.

New York Times: Outside Collectors for I.R.S. Are Accused of Illegal Practices

Submitted by Anonymous (not verified) on Mon, 06/26/2017 - 20:09

By STACY COWLEY and JESSICA SILVER-GREENBERG

Raid your 401(k). Ask your boss for a loan, load up on your credit cards, or put up
your house as collateral by taking out a second mortgage.

Those are some of the financially risky strategies that Pioneer Credit Recovery
suggested to people struggling to pay overdue federal tax debt. The company is one
of four debt collection agencies hired by the Internal Revenue Service to chase down
late payments on 140,000 accounts with balances of up to $50,000.

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