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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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Shenwick & Associates New Website

Jim Shenwick is proud to announce that our new & improved website can be viewed at https://sites.google.com/site/jshenwick/home Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com

The Debt Limit Is Unconstitutional—But It's Not What You Think!

Anna Gelpern, Stephen Lubben and I have an article in The American Prospect entitled The Debt Limit Is Unconstitutional—but Not for the Reason You Think. Various commentators—and members of Congress—have suggested that the President “invoke the 14th

Debunking Debt Ceiling Myths

The commentary on the debt ceiling standoff has featured a bunch of mistaken conceptions from across the political spectrum. Let's address them. Myth #1: The 14th Amendment Prohibits a Default A variety of commentators claim that the 14th Amendment

Bankruptcy Court Denies FDIC’s Attempt to Escrow Tax Refunds in SVB Financial Group Case

In re SVB Financial Group, No. 23-10367 (Bankr. S.D.N.Y. May 17, 2023) The U.S. Bankruptcy Court for the Southern District of New York issued an opinion on May 17, 2023, in the SVB Financial Group case, which arises from the failure of Silicon Valley

What Should You Do if Your SSDI Payment Doesn’t Arrive on Time?

Those who receive Social Security Disability Insurance (SSDI) benefits depend on their monthly payments to support themselves. If your check is late, there are certain steps you can take to ensure you receive it as soon as possible. If your SSDI

Filing Bankruptcy While Separated: How Does Chapter 7 Work If Married and Living Separately?

Chapter 7 bankruptcy allows you to get rid of most, if not all, of your unsecured debts without paying any more money to the discharged creditors. Most unsecured debts are eligible for discharge in Chapter 7, including medical bills, personal loans

Bankruptcy Court Dismisses Case for Lack of Credit Counseling Despite Incarceration

⁠In re Donaldson, U.S. Bankruptcy Court for the Southern District of Ohio (Case No. 23-10684)⁠ On May 11, 2023, the U.S. Bankruptcy Court for the Southern District of Ohio issued an order denying a request for waiver of the credit counseling

Loan Trading 101: How to Ensure You Get It Right with Transfer Restrictions

If you know anything about syndicated loan trading, you probably know the basics of transfer restrictions. New term lenders typically need the consents of the administrative agent and the borrower in order to be admitted to the syndicate. New

Asset Armor: Protecting Your Wealth with Bernstein-Burkley’s Asset Protection Insights Blog #1

By Harry W. Greenfield May 19, 2023 A series of blogs on Asset Protection…. Blog #1. >>> During my 53 years of practicing law along with Bob’s 53 years preparing and … The post Asset Armor: Protecting Your Wealth with Bernstein-Burkley’s Asset

Real world values for assets critical in bankruptcy world

Valuing your assets when filing out your bankruptcy schedules can be challenging. After all, what is a closetful of clothes or a garage full of tools worth? You are tempted to ask: why does it matter? Asset value matters in several different contexts

(UK) What are the Key Takeaways for future Restructuring Plans following the GAS sanction hearing?

What can we say about the outcome of the GAS (Great Annual Savings Company Limited) sanction hearing that hasn’t already been reported? It’s impossible not to comment on the fact that the plan was not sanctioned, and as a consequence of fierce

How the “Engaged In” Standard For Subchapter V Eligibility Is Easily Satsified (In re Robinson)

By: Donald L Swanson Is a debtor “engaged in commercial or business activities” for Subchapter V eligibility? Such question has been addressed on many occasions and by many courts. The trend seems to be toward a conclusion that the nature and

Repeat Bankruptcies Are Piling Up at Fastest Rate Since 2009

Yahoo Finance is reporting that "Repeat Bankruptcies Are Piling Up at Fastest Rate Since 2009". The article can be found at https://finance.yahoo.com/news/repeat-bankruptcies-piling-fastest-rate-… Jim Shenwick, Esq jshenwick

Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary!

Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary! Many clients contact Jim Shenwick, Esq regarding assistance with their defaulted SBA

Proposed Uniform Commercial Code Amendments: A South Dakota Road Bump & A Proposed Solution

By: Donald L Swanson The 2022 Amendments to the Uniform Commercial Code were proposed as, and expected to be, a non-partisan and apolitical piece of legislation. Road Bump That expectation met a road bump in South Dakota when the proposed Amendments

LIBOR Transition in the Final Weeks

With the end date for the London Interbank Offered Rate (LIBOR) less than two months away (June 30, 2023), lenders and borrowers are busily revising their loan documents in anticipation of this deadline. Although a large proportion of legacy loans in

Banks Lose Bid to Dismiss Litigation in Madoff Ponzi Scheme Cases

In an unpublished memorandum decision issued Tuesday, the U.S. Bankruptcy Court for the Southern District of New York denied a motion to dismiss a trustee’s adversary proceeding attempting to recover $55 million from alleged subsequent transferees in

Inflation Adjustment for Family of Two Goes the Wrong Way

Bankruptcy Means Test Inflation Adjustment for Family of Two Goes the Wrong Way Budgeting food and clothes in the bankruptcy court for a family of two just got harder. According to the Justice Department (who gets them from the IRS, who gets them

Inflation Adjustment for Family of Two Goes the Wrong Way

Bankruptcy Means Test Inflation Adjustment for Family of Two Goes the Wrong Way Budgeting food and clothes in the bankruptcy court for a family of two just got harder. According to the Justice Department (who gets them from the IRS, who gets them

Community Financial Services of America v. CFPB Amicus Brief

This fall the Supreme Court will be hear a case captioned Community Financial Services of America v. Consumer Financial Protection Bureau, dealing with the constitutionality of the CFPB's funding mechanism. I'm pleased to announce that Patricia McCoy