US credit card debt surges to more than $1 trillion for first time ever.  
See the full story at https://nypost.com/2023/08/08/us-credit-card-debt-surges-to-more-than-1-...Credit card debt of this magnitude may indicate more bankruptcy filings in the future. 

 Misuse or Misapply SBA EIDL Loan Proceeds and Chapter 7 Bankruptcy FilingsAs many readers of our emails and blogs know, we have developed a practice representing individuals and businesses that have defaulted on SBA loans. We either want to do a workout with the SBA or file for bankruptcy.The first question we are asked is whether SBA loans are dischargeable in a Chapter 7 bankruptcy filing. The answer to that question is yes.

 Epiq is reporting that July Commercial Chapter 11 Filings Increase 71 Percent Over Last Year
The article can be found at https://finance.yahoo.com/news/epiq-july-commercial-chapter-11-172700880...
Jim Shenwick, Esq  917 363 3391  [email protected] 
Please click the link to schedule a telephone call with me.

 KCRA has New Biden plan cuts student loan payments for millions to $0. Will it be the next legal battle?https://www.kcra.com/article/biden-new-student-loan-payment-plan-explain...
Jim Shenwick, Esq  917 363 3391  [email protected] 
Please click the link to schedule a telephone call with me.

Teamsters says U.S. trucking firm Yellow shuts operations, to file for Bankruptcy.  The article can be found at https://www.cnbc.com/2023/07/31/teamsters-says-us-trucking-firm-yellow-s...

 'I feel abandoned' — businesses warn of bankruptcy as deadline to pay back COVID loans looms
Nearly 250,000 small businesses who received CEBA loans are in danger of shutting down, says CFIB
The article can be found at:
https://financialpost.com/news/economy/businesses-fear-bankruptcy-ceba-deadline-looms
Jim Shenwick, Esq  917 363 3391  [email protected] 

Considering filing bankruptcy? Know the different types of Bankruptcy
Unexpected events may have hindered loan or credit card payments. If you want to eliminate debt and start over financially, consider bankruptcy. What are the types of bankruptcy? Can I file bankruptcy? When considering ways to avoid losing your hard-earned possessions to creditors, several questions may come to mind.

 The New York Post is reporting that IRS will stop showing up at homes unannounced in
effort to protect agents, combat scammers.The article can be found at https://nypost.com/2023/07/24/irs-ending-policy-of-unannounced-home-visits-by-agents?utm_source=gmail&utm_campaign=android_nyp

Yahoo Finance published an article discussing the potential default of $500 billion in corporate debt. The article indicates that large corporate bankruptcies are accumulating at the second-fastest rate since 2008, surpassed only by the initial phase of the pandemic. The article can be found at https://uk.finance.yahoo.com/news/500-billion-corporate-debt-storm-230005895.html?guccounter=1

 More than 800,000 borrowers are still eligible to benefit from student loan forgiveness according to NPR. The story can be found at https://www.npr.org/2023/07/15/1187929868/more-than-800-000-borrowers-are-still-eligible-to-benefit-from-student-loan-forg