Chapter 11 Bankruptcy Filings Increase 83% Y/Y in February 2023  based on article in Monitor Daily. See  https://www.monitordaily.com/news-posts/chapter-11-bankruptcy-filings-increase-83-y-y-in-february/Jim Shenwick, Esq.  917 363 3391  [email protected] held individuals & companies with too much debt!Please click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15min

Are You Ten Years Out of School and Still Struggling with Student Loans? Recent student loan policy changes by the Biden Administration can help people still struggling with student loans. These are new rules making it possible to discharge your student loans in bankruptcy.  In bankruptcy, you can clear your federal student loans if you […] The post Ten Years Out of School and Still Struggling with Student Loans? by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

Are You Ten Years Out of School and Still Struggling with Student Loans? Recent student loan policy changes by the Biden Administration can help people still struggling with student loans. These are new rules making it possible to discharge your student loans in bankruptcy.  In bankruptcy, you can clear your federal student loans if you […] The post Ten Years Out of School and Still Struggling with Student Loans? by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

Filing for bankruptcy can be a daunting prospect, and some debtors might think a debt relief program is preferable. But is it necessary in New Jersey? Do you need to complete a debt relief program before you can file for bankruptcy? You don’t need to complete a debt relief program before filing for bankruptcy in New Jersey. You can choose to do so, provided your creditors agree, but there are no guarantees that a program will allow you to tackle your debt in its entirety. There are many debt relief programs to choose from, each with different requirements and outcomes. If you decide your debt relief program isn’t beneficial, you can then file for bankruptcy. Generally, this is the best choice for many debtors, as bankruptcy is a legal process done in court that can help debtors regain their financial stability. For a free evaluation of your case, contact the New Jersey bankruptcy lawyers at Young, Marr, Mallis & Associates by calling us today at (609) 755-3115. Is Completing a Debt Relief Program Necessary Before Filing for Bankruptcy in New Jersey? Completing a debt relief program isn’t required before you can file for bankruptcy in New Jersey. However, engaging in alternative debt relief methods might help you avoid filing for bankruptcy if that interests you. If you are dealing with overwhelming debt and are unsure what to do next, completing a debt relief program may allow you to restructure your debt and prevent bankruptcy. These programs can be completed out of court, between a debtor, our Cherry Hill, NJ bankruptcy lawyers, and a creditor. Depending on the type of debt relief program a creditor is willing to engage in, you might be able to reorganize your debt, reassess interest rates, or even erase a portion of your debt to make it more manageable. Some companies offer debt relief services to debtors in New Jersey and claim to be capable of negotiating with creditors to reduce debt and avoid bankruptcy. Unfortunately, working with these companies might lead to futile negotiations with creditors and result in you owing more than you previously did. If you are interested in completing a debt relief program to organize your finances and make your debt more manageable, it is best to do so with our attorneys. Our lawyers have experience dealing with creditors, identifying which type of debt relief is best for debtors, and knowing when it is time to move forward with bankruptcy if a debt relief program is not progressing as it should. Kinds of Debt Relief Programs You Can Complete in New Jersey There are several kinds of debt relief programs debtors can engage in to better manage their finances and avoid additional problems. These programs vary substantially in procedure and outcome and might not be preferable to bankruptcy, depending on your situation, A common type of debt relief in New Jersey is debt consolidation. This process involves consolidating unsecured debts, like credit card bills, resulting in a singular monthly payment. While this might make meeting your payments more manageable, debt consolidation might also prolong the amount of time you are in debt. Debt consolidation differs from debt settlement in that no debts are erased to help you repay creditors. Credit counseling, another debt relief program, involves making a plan forward based on your current finances, debt, and income. With debt management, you may be able to negotiate a lower interest rate with creditors, although this is not always successful for debtors. In a debt forgiveness relief program, creditors might agree to lower the amount you owe if you can pay a large lump-sum payment. That said, this option is rare as creditors typically want a return on all money lent to a debtor in New Jersey. Many debt relief programs, from debt settlement to debt forgiveness, can have drawbacks. Creditors might decide they no longer want to complete a debt relief program, or debtors might realize that they are being misled. Consolidating debts in exchange for a lower interest rate might not have much impact on monthly payments, making debt no more manageable for debtors. Will You Need to File for Bankruptcy After Completing a Debt Relief Program in New Jersey? If you entered into a debt relief program and then determined you were not benefiting from that program, you can exit it and choose to file for bankruptcy in New Jersey. In reality, filing for bankruptcy from the get-go may be the best straight line to financial security for debtors, rather than completing a debt relief program. Debt relief programs are not always entirely successful. Even if you have been able to repay some of the debt you owe via a debt relief program, you might still be struggling. Our attorneys can assess the details of your debt relief program to determine if it is actually beneficial to you. If not, we can help you file for either Chapter 7 or Chapter 13 bankruptcy in New Jersey, depending on your income and other financial information. Debtors engaged in debt relief programs are not prevented from filing for bankruptcy in New Jersey. Based on the type of bankruptcy you file for, you may be able to address all of your debt sooner than you would have in a debt relief program. For example, Chapter 7 bankruptcy, which involves liquidating a debtor’s assets, takes an average of four to six months to complete. It may be several years into a debt relief program that you realize you are not gaining traction or that a creditor changes their mind about their participation. While Chapter 13 bankruptcy can take a few years, it provides a clear path forward that is approved by our attorneys, creditors, and the court, making it a preferable choice to many debtors over engaging in debt relief programs that can’t offer the same security. Ask Our New Jersey Attorneys About Debt Relief Through Bankruptcy For a free evaluation of your case, reach out to our East Brunswick bankruptcy lawyers at Young, Marr, Mallis & Associates by calling us today at (609) 755-3115.

Social Security Disability Insurance (SSDI) benefits are available to people with qualifying disabilities, illnesses, and injuries in Pennsylvania. If you receive SSDI benefits in Pennsylvania, they may be taxable, depending on how much you earn in additional income from other sources. While SSDI benefits in Pennsylvania are not taxable in many cases, they are in others. The Social Security Administration (SSA) determines tax liability by adding one-half of a recipient’s annual benefits with their additional income. If that sum exceeds a recipient’s base amount for their filing status, they may have to pay taxes on their disability benefits. Even if they don’t have a tax liability for disability benefits specifically, recipients may have a separate tax liability if they earn enough in additional income. This can be challenging to figure out, which is why recipients should seek assistance. For a free case evaluation with the Pennsylvania disability lawyers at Young, Marr, Mallis & Associates, contact us today at (215) 515-2954. Is Income from Social Security Disability Taxable in Pennsylvania? As a recipient of Social Security Disability Insurance benefits, you might expect your tax liability to drop to nothing. While SSDI recipients often are not required to pay taxes on their benefits, there are some circumstances where they might. Depending on your income outside of SSDI benefits, you may have a tax liability for your benefits in addition to a tax liability for other income. Notably, this doesn’t apply to recipients of Supplemental Social Security Income, only those receiving disability, retirement, or survivor’s benefits in Pennsylvania. Tax liability for SSDI recipients is determined by a simple equation provided by the Social Security Administration. If one-half of your SSDI benefits for the year, plus all other income you earn, is larger than your base amount according to your filing status, you may be required to pay taxes on your benefits. For the purposes of determining tax liability for SSDI benefits, tax-exempt interest is included in additional income. That said, if our lawyers determine that your SSDI benefits, combined with all other income streams, are lower than your base amount, your SSDI benefits will not be taxable. Even though you may not have a tax liability as an SSDI benefit recipient in Pennsylvania, you must report your income from benefits to the IRS annually. Figuring Your Tax Liability as a Social Security Disability Recipient in Pennsylvania People receiving SSDI benefits in Pennsylvania may not be able to survive on those benefits alone. Because of this, many recipients work part-time jobs or even invest in real estate to increase their income while getting benefits. Depending on the amount of additional income you earn in a year, your SSDI benefits may be taxable. Our Pennsylvania disability lawyers can use the SSA’s guidelines to figure out your tax liability for SSDI benefits. Determining your base amount might be difficult if you are unsure of your current filing status. Filing statuses can change as people age and as their family dynamics change. Currently, the base amount for people with single, head of household, or surviving spouse filing statuses is $25,000. The same base amount applies to married people filing separately that have lived apart from their spouse for a tax year. For those married and filing jointly, the base amount is $32,000. There is no base amount for married people filing separately that live with their spouse or have during the tax year. Typically, SSDI recipients’ monthly benefits add up to be well below the base amount for their filing statuses. Our Philadelphia disability attorneys can determine your possible tax liability for your SSDI benefits based on your additional income and filing status. The maximum SSDI monthly benefit in 2023 is $3,627. This amount is generally only available to those who have worked for many decades or are near retirement age. Getting the maximum SSDI benefit might result in a tax liability, especially if you have a lower base amount according to your filing status. Is Income Outside of Social Security Disability Insurance Taxable in Pennsylvania? After determining your tax liability as an SSDI recipient, it might seem that, because you do not earn enough additional income in tandem with benefits to put you over your base amount, you do not have any tax liability. That might not be the case, especially if you have a part-time job. In Pennsylvania, SSDI recipients can earn additional income, up to a certain amount outside of their monthly benefits. In 2023, the monthly substantial gainful activity (SGA) limit for blind SSDI recipients is $2,460. For non-blind recipients, the monthly SGA limit is $1,470. While earning additional income might not result in you having a tax liability for your SSDI benefits, you might still have to pay taxes on that additional income. Our Allentown, PA disability attorneys understand this can be difficult to comprehend for SSDI recipients. It is possible to have no tax liability for SSDI benefits and yet still have a tax liability for the additional income you earn up to the SGA limit in Pennsylvania. So, do not assume that you won’t have any tax liability whatsoever, even if you do not have to pay taxes on SSDI benefits specifically. What if You Don’t Pay Taxes on Social Security Disability in Pennsylvania? Failing to report or pay taxes on Social Security Disability Insurance benefits will likely result in serious consequences. Our lawyers can help you avoid this by assessing your monthly benefits and additional income to determine your liability. The Social Security Administration often imposes financial penalties on SSDI benefit recipients who do not follow through on their tax liability. You might face serious financial consequences for failing to pay taxes on SSDI benefits in Pennsylvania. This can be very detrimental to SSDI recipients, who rely on little income from monthly payments as well as additional income from outside sources. This is why determining your tax liability as a recipient of Social Security Disability Insurance benefits is of the utmost importance. Contact Our Attorneys About Your Case Today For a free case evaluation with our Berks County disability lawyers, call the team at Young, Marr, Mallis & Associates today at (215) 515-2954.

Why I’m a Member of the National Association of Consumer Advocates I’m a bankruptcy lawyer.  When I first started I said “All I do is Bankruptcy.”  What I found out is that people in financial trouble are magnates for illegal stuff being done to them.  A lot of that is fair credit reporting violations and […] The post I Just Renewed My Membership in Consumer Advocates by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

Why I’m a Member of the National Association of Consumer Advocates I’m a bankruptcy lawyer.  When I first started I said “All I do is Bankruptcy.”  What I found out is that people in financial trouble are magnates for illegal stuff being done to them.  A lot of that is fair credit reporting violations and […] The post I Just Renewed My Membership in Consumer Advocates by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

 See the post at https://www.cnn.com/2023/02/27/politics/us-student-loan-debt-timeline/index.htmlJim Shenwick, Esq.  917 363 3391   [email protected] Shenwick & Associates we help people and businesses with too much debt!Please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15min

The Western District of Texas crosses two time zones, has a population of 7.6 million and contains 93,000 square miles.  It is larger than the State of Oklahoma but smaller than the State of New Mexico. It contains the 7th, 11th and 24th largest cities in the United States (San Antonio, Austin and El Paso respectively). Since the Bankruptcy Code was adopted, the Western District has been served by 12 judges.  The judges of the Western District have come from San Antonio, Houston, Waco and El Paso. I have appeared in front of nine of them (which will increase to ten as soon as I appear in front of Judge Robinson).Bert W. ThompsonBert W. Thompson was born in 1917. He served as a Bankruptcy Referee from 1971-1979 and a Bankruptcy Judge from 1979-1985. He commanded a PT Boat during World War II.  After the war, he returned to San Antonio where he was an Assistant Criminal District Attorney, secretary to the mayor, Manager of LaVillita, City Judge for Terrell Hills, Special Assistant U.S. Attorney and Enforcement Director of the Office of Price Administration. He passed away in 2001.Joseph C. ElliottJoe Elliott served as a Bankruptcy Referee from 1975-1979 and a Bankruptcy Judge from 1979-1986. He clerked for U.S. District Judge John Wood and worked for the San Antonio firm of Plunkett & Gibson, Incorporated. He became a Bankruptcy Referee in 1975 at age 33. The Elliott Cup is named in his honor. R. Glen AyersR. Glen Ayers was born in 1947. He served as a Bankruptcy Judge from 1985-1988. He was commissioned as an armor officer in the United States Army. He received his law degree from the University of South Carolina in 1975. He taught law at the University of Mississippi and St. Mary's University School of Law. You can find a tribute to Judge Ayers written by Bankruptcy Judge Craig Gargotta and Dick Davis here. My post about him can be found here. He passed away in 2017. Larry E. KellyLarry E. Kelly was born in 1946. He served as Bankruptcy Judge from 1986-2007. He served as a communications specialist in the Navy for three and a half years. He graduated from Baylor Law School in 1974 and practiced with Pakis, Cherry, Beard & Giotes until he was appointed to the bench in 1986. He shepherded the implementation of CM/ECF in the Western District as one of the beta testing districts in the county. The Larry E. Kelly Inn of Court is named in his honor. I wrote remembrances of Judge Kelly which can be found here and here. He passed away in 2014 (but only after he finished grading his final exams for the semester).Leif M. ClarkLeif M. Clark served as a Bankruptcy Judge from 1987-2012. He earned a M. Div. (with Honors) from Evangelical Lutheran Theological Seminary in 1972 and earned a law degree from the University of Houston Bates College of Law in 1980. He worked at Cox & Smith, Inc. in San Antonio before taking the bench. I wrote two posts discussing some of his 300 opinions here, and here While a sitting judge, he was a trainer and program designer for the USAID Judicial Training Program in Romania, Latvia, Poland and Ukraine. He also taught U.S. Constitutional Law to students in Austria.  Since retiring, he has served as a mediator, arbitrator and consultant.  Ronald B. KingRonald B. King was an active Bankruptcy Judge from 1988 to 2021. He graduated from UT Law School in 1977, then clerked for Justice James G. Denton of the Texas Supreme Court. Before taking the bench, he worked for Foster, Lewis, Langley, Gardner & Banack, Inc. He took the bench at age 35 which made it possible to serve for 33 years.  Since taking senior status, he has continued to hear cases and serve as a judicial mediator.  He was featured in the Bankruptcy Law Section Newsletter of the State Bar of Texas which can be found here. Frank R. MonroeFrank R. Monroe served as a Bankruptcy Judge from 1989 to 2009. He graduated from the University of Texas School of Law in 1969. Prior to being appointed as a judge he was a partner with Sheinfeld, Maley & Kay in Houston, where he served as managing partner. During his tenure on the bench, he was the presiding judge over a multitude of cases including real estate related cases and golf courses to name a few. After retiring, he practiced with Graves, Dougherty, Hearon & Moody in Austin.Craig R. GargottaCraig R. Gargotta has served as a Bankruptcy Judge since 2007. He graduated from St. Mary's School of Law in 1989.. Prior to taking the bench, he was a law clerk to Bankruptcy Judge Ronald B. King and was an Asst. U.S. Attorney from 1990-2007. He is currently the Chief Judge for the Western District of Texas and holds court in San Antonio. He taught at St. Mary's School of Law from 2002-2006.H. Christopher MottH. Christopher Mott has served as a Bankruptcy Judge since 2010. He graduated from Texas Tech Law School in 1983. He practiced law with the firm now known as Gordon, Davis, Johnson and Shane in El Paso, Texas for 27 years. I wrote a profile of him here.  Judge Mott presides over cases in the Austin and El Paso divisions of the Western District of Texas. His chambers in El Paso include a holding cell left over from when the U.S. District Court occupied the premises. He refers to this as the "Pancho Villa Conference Room." Tony M. DavisTony M. Davis has served as a Bankruptcy Judge from 2013-2023. He received his J.D. from the University of Virginia School of Law in 1983. He spent much of his legal career as a partner at Baker Botts, LLP in Houston, Texas. I wrote a profile of him here which discusses his career prior to taking the bench.  Judge Davis's opinion in In re D'Avila, 498 B.R. 150 (Bankr. W.D. Tex. 2013) was later followed by the Fifth Circuit in Hawk v. Engelhart (In re Hawk), 871 F.3d 287 (5th Cir. 2017) and Lowe v. DeBerry (In re DeBerry), 884 F.3d 526 (5th Cir. 2018).Michael ParkerMichael Parker has served as a Bankruptcy Judge since 2021.  Judge Parker holds four degrees: B.S. in engineering from the University of Colorado; M.S. in engineering, M.B.A., and J.D. from U.T. Austin. He graduated from the University of Texas School of Law in 1993. He clerked for Judge King from 1993-1995 and worked for Norton Rose Fulbright for the entire time from when he left his clerkship until he took the bench.  I wrote a profile of Judge Parker here.  Judge Parker holds Court in San Antonio and Waco.Shad RobinsonShad Robinson is the newest judge in the Western District of Texas, having taken the bench on February 21, 2023. He received his law degree from Baylor University Law School in 1999. From 1999 to 2000, he was a law clerk for the Honorable Leif M. Clark, retired United States Bankruptcy Judge for the Western District of Texas-San Antonio. He has also served as an Adjunct Professor at Baylor Law School for over 18 years.  He practiced with Haley & Olson in Waco, Texas and was General Counsel for Alliance Bank Central Texas. Judge Robinson holds court in the Austin and Midland divisions. I hope to have a profile for him soon.  

Question: What do Akorn Pharmaceuticals and the Corner Bakery Café have in common? Answer: Both recently declared bankruptcy.  The economic uncertainty brought on by the global pandemic has led to an increase in bankruptcy filings, with companies and individuals alike struggling to stay afloat. Meanwhile, the Chicago Loop Alliance says office occupancy is only about half+ Click Here For Read More The post With bankruptcies expected to surge, here are 5 tips to stay solvent appeared first on David M. Siegel.