Articles from Shenwick & Associates

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NYT: Sublets Lure Manhattan Start-Ups

Submitted by Anonymous (not verified) on Thu, 07/25/2013 - 16:51

By C. J. HUGHES To understand how the current office market for technology companies can resemble a Russian nesting doll, with layer upon layer of increasingly smaller subleases, it might help to consider the upper stories of 568 Broadway in SoHo.
In the cast-iron former sewing factory, Scholastic, the publisher, is subletting two floors of space to Foursquare, a social media company. In turn, Foursquare is subletting one of those floors to a handful of other tech firms, including Fueled, which designs apps for phones.

Budget sequester suspends bankruptcy case audits

Submitted by Anonymous (not verified) on Tue, 06/18/2013 - 21:21

Here at Shenwick & Associates, many of our clients have complex bankruptcy cases involving factors that often lead to increased scrutiny by the Chapter 7 Bankruptcy Trustees assigned to the cases, as well as by the United States Trustee Program (USTP), a component of

NYT: Because the Board Says So

Submitted by Anonymous (not verified) on Thu, 05/30/2013 - 17:13

By JOANNE KAUFMAN No long chats with the doorman.
No umbrellas or wet boots in the hall.
No welcome mats or decorations on the front door.
No wearing flip-flops in the lobby.
These are but a few of the more extreme rules that apartment boards in New York City have imposed, or at least thought about imposing, on the residents of their buildings.

Inherited IRAs: Exempt Asset, or Not?

Submitted by Anonymous (not verified) on Tue, 05/21/2013 - 22:43

As many readers of our blog probably know, IRAs (Individual Retirement Accounts) are exempt under New York State Debtor and Creditor Law and the federal Bankruptcy Code. An exempt asset means that an individual can file for Chapter 7 bankruptcy and keep that asset after the bankruptcy filing. The reason for this exemption is twofold: (1) IRAs are deemed "spendthrift trusts" under New York State and federal law; and (2) the purpose of the law is to give debtors a "fresh start" with some assets, and especially to protect retirement monies for debtors.

NYT: Heavy Load of Student Loan Debt Is Weighing on the Economy, Too

Submitted by Anonymous (not verified) on Tue, 05/14/2013 - 23:39

By ANNIE LOWREY The anemic economy has left millions of younger working Americans struggling to get ahead.

Transfer of property to a spouse to frustrate creditors

Submitted by Anonymous (not verified) on Wed, 04/24/2013 - 17:12

Here at Shenwick & Associates, we often get questions from clients if they may transfer a house or an apartment from one spouse to the other after being sued or prior to a bankruptcy filing. In In re Panepinto, Case No. 12-11230K (Bankr. W.D.N.Y., Feb. 25, 2013), an upstate Bankruptcy Court considered this question and held that such a transfer could be a fraudulent conveyance and set aside.

Tax refunds and bankruptcy

Submitted by Anonymous (not verified) on Thu, 03/28/2013 - 16:42

While many people are busy preparing their tax returns, in this post we will focus on the treatment of tax refunds in bankruptcy.

Transfers of Property between Spouses after a Spouse has been sued or is Insolvent

Submitted by Anonymous (not verified) on Sun, 03/17/2013 - 04:16

At Shenwick & Associates, we often get questions from clients if they may transfer a house from one spouse to another after being sued or prior to a bankruptcy filing:An upstate bankruptcy court addressed this question and held that such a transfer could be a fraudulent conveyance and set aside. The name of the case was In re Tina M. Panepinto, 12-11230. U.S. Bankruptcy Court, Western District 12-11230In In re Tina M. Panepinto,  a wife  who was insolvent owned a wholly-exempt homestead (house) free-and-clear, and (without consideration) transferred her half ownership to her husband.

The Means Test and the Marital Adjustment

Submitted by Anonymous (not verified) on Thu, 03/07/2013 - 02:05

In In re Pamela Persaud, case No. 12-43602-CEC, US Bankruptcy Court, EDNY, February 4, 2013 involved the Means Test, the presumption of abuse and what expenses can be deducted in calculating the Means Test. On Line 17 of the Means Test, the Debtor deducted $5,742.19 form the total monthly income as a "marital adjustment", which she claimed is income of her husband that was not regularly contributed for household expenses.

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