President Donald Trump signed three bills on Friday, August 25, 2019 that are designed to assist veterans, small business and family farmers during and after bankruptcy proceedings. When the bills passed in the U.S. Senate, ABI Executive Director Samuel J. Gerdano summed up the bills as a modernization of the Bankruptcy Code.
A recent Bankruptcy Appeals Court decision changes the way plan payments are defined and when plan modifications are consequently considered allowable.
The Student Borrower Bankruptcy Relief Act of 2019 was introduced today by U.S. Senators Dick Durbin (D-IL) and Elizabeth Warren (D-MA) and by U.S. Representatives Jerrold Nadler (D-NY-01) and John Katko (R-NY-24). This is potentially exciting news for graduates with crushing student loan debt. We will be closely following this bill as it makes its way through Congress.
The payday lending industry is massive and profitable in states where it is legal. Americans borrowed nearly $29 billion from payday lenders in 2017 and paid a whopping $5 billion in fees. It’s no surprise that the payday industry has vigorously fought to fend off regulation and reform devised under the Obama administration.
Nothing can be more frustrating to a person who needs to restructure their personal finances than their inability to work with the creditors they owe. More often than not, the creditors want far more per month than they can afford. That is when seeking the advice of attorney Chris Bush becomes so necessary.
If you are in debt up to your eyeballs, you look to the bankruptcy laws to assist you in digging out from underneath the weight of debt and begin over.
That, after all, is what the law's designed to accomplish – provide you with another possibility to place yourself in a better financial place.
The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event's tax base. Taxable events include, but are not limited to, annual income, the sale of an asset, a fiscal year-end or an inheritance.
A tax liability is a legal claim on assets. Should an entity default on paying its taxes, the governing authority may foreclose on the delinquent account, or take out a lien or encumbrance on an asset.