Articles from Shenwick & Associates

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New York Times: Attention, First-Time Buyers

Submitted by Anonymous (not verified) on Tue, 11/24/2015 - 22:50

By Michelle Higgins

Exceptions to discharge in bankruptcy

Submitted by Anonymous (not verified) on Tue, 11/24/2015 - 22:40

Here at Shenwick & Associates, the magic word for our debtor bankruptcy clients (we represent creditors, too) is "discharge." When a debt is discharged in bankruptcy, the debtor no longer has any personal liability for the debt and the creditor can no longer communicate with or take legal action against the debtor for the debt. This is the primary reason why debtors file for bankruptcy.

Debtor/Creditor Issues for Small Business Startup

Submitted by Anonymous (not verified) on Tue, 11/17/2015 - 00:26

  1. Observe your form of organization.

  • Make sure your form of entity is properly set up and continues to remain in existence, or the principals will be personally liable
  • Pay your annual filing fees so your entity remains in existence, or the principals could then become personally liable. 

      2. Pay attention to details.

    New York Times: Fixing Credit Report Errors Online Gets Added Heft

    Submitted by Anonymous (not verified) on Mon, 11/16/2015 - 19:12

    By Ann Carrns
    Disputing mistakes found on your credit report has become a bit easier because of expanding electronic options for challenging errors.
    The three major credit bureaus have long provided online channels for challenging inaccuracies, but some consumer advocates advised against using that option because the systems didn’t allow for the inclusion of supporting documents.

    Social Security Benefits, Student Loans and the IRS

    Submitted by Anonymous (not verified) on Thu, 10/29/2015 - 18:04

    Many of our debtor clients ask the question: if I owe the IRS taxes and I'm collecting Social Security benefits or going to collect Social Security benefits in the future, can the IRS levy my Social Security payments?

    Treatment of Post-Petition Wages In Conversion for Chapter 13 to Chapter 7

    Submitted by Anonymous (not verified) on Mon, 09/28/2015 - 22:45

    Here at Shenwick & Associates, we specialize in bankruptcy and the unusual questions that arise in the course of bankruptcy cases. One of the great aspects of working in such a specialized area of the law is trying to figure out how courts will hold on an issue that isn't clear under current statutes and case law.

    Student loan debt and bankruptcy update

    Submitted by Anonymous (not verified) on Tue, 08/25/2015 - 19:18

    Here at Shenwick & Associates, many of our bankruptcy clients (especially younger ones) have outstanding student loans. Although the Bankruptcy Code doesn't contain an express prohibition against discharging student loans in bankruptcy, the bar to doing so is very high. Most (but not all, as we'll discuss below) appellate courts, follow the standard laid out in Brunner v. New York State Higher Education Services Corp.

    Supreme Court denies the ability of a Chapter 7 debtor to strip away an unsecured second mortgage

    Submitted by Anonymous (not verified) on Thu, 07/23/2015 - 19:27

    In a recent bankruptcy decision, Bank of America v. Caulkett, the Supreme Court denied a chapter 7 debtor's attempt to strip away or discharge an unsecured second mortgage in a chapter 7 bankruptcy filing.

    The debtor, Mr. Caulkett, owned a house in Florida. The house was subject to a first mortgage in the amount of $183,264, the house had a fair market value of $98,000 and was subject to a second mortgage in the amount of $47,855, that was held by the Bank of America.

    NY Times: Judges Rebuke Limits on Wiping Out Student Loan Debt

    Submitted by Anonymous (not verified) on Mon, 07/20/2015 - 21:52

    By TARA SIEGEL BERNARD

    On a typical day in her last job, Janet Roth left home at 4 a.m. each day and drove 40
    miles to a tax preparation office in Glendale, Ariz. When she finally got back home,
    she had less than an hour before starting her 6 p.m. shift decorating cakes at
    Walmart. She worked until midnight, giving her just a few hours to sleep before
    starting all over again.

    NY Times: Bank of America and JPMorgan Chase Agree to Erase Debts From Credit Reports After Bankruptcies

    Submitted by Anonymous (not verified) on Wed, 05/20/2015 - 22:10

    By Jessica Silver-Greenberg

    Two of the nation’s biggest banks will finally put to rest the zombies of consumer debt — bills that are still alive on credit reports although legally eliminated in bankruptcy — potentially providing relief to more than a million Americans.

    Bank of America and JPMorgan Chase have agreed to update borrowers’ credit reports within the next three months to reflect that the debts were extinguished.

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