By Epiq Global Epiq, a global technology-enabled services leader to the legal services industry and corporations, released its May 2021 bankruptcy filing statistics from its AACER bankruptcy information services business. The new filings for May dropped to 34,734 across all chapters. This is a 15% drop from the April 2021
By DS News According to the U.S. Courts website, the fundamental goal of the Federal bankruptcy laws enacted by Congress is to give debtors a financial “fresh start” from burdensome debts and provides for “liquidation” in a Chapter 7 filing—the sale of a debtor’s property and the distribution of the
By Lance P. Martin, Ward and Smith To be eligible for a Paycheck Protection Program (“PPP”) loan, the applicant must certify on the borrower application that the applicant and any owner of 20% or more of the applicant are not “presently involved in any bankruptcy.” This eligibility requirement spawned numerous
By Jacob Passy, MarketWatch For much of the past year, Americans weren’t interested in taking on new debt — with one big exception. A new analysis from the Federal Reserve Bank of New York examined how the supply and demand of credit has ebbed and flowed throughout the COVID-19 recession.
By Allison Prang, Wall Street Journal Ben Johnson is looking for a data analyst and a data scientist to come work for his Philadelphia-area consulting firm. The search has now stretched to Chicago. U.S. companies of all sizes are struggling to fill jobs as surging demand and a reluctant labor
By Tracey Longo, FA Mag Women trail men significantly when it comes to accumulating adequate retirement savings and have socked away 40% less in their retirement accounts than men, according to a Bank of America survey released today. The survey found that only 55% of women participate in 401(k) plans
By Ellen Chang, Fox Business The Federal Reserve kept short-term interest rates at nearly zero in 2020 in a response to the coronavirus pandemic and to help stimulate the economy. The low-interest rates were intended to help Americans who were struggling because they lost their jobs. The Federal Reserve generally
By Rachel Siegel, Washington Post Federal Reserve Chair Jerome H. Powell on Wednesday said that more widespread access to vaccines and “strong policy support” are helping economic activity and employment, with sectors hardest hit by the pandemic showing signs of improvement. Inflation is also rising in certain areas, but Powell
Pier 1 Imports storefront facade with store closing sign, windows, doors, and sky COVID-19 pandemic ITC Crossing. – Flanders, NJ / USA – 5/20/20 By Greenberg Traurig LLP, Lexology A look at relevant employment laws and litigation vulnerabilities that companies, including their owners, officers, and directors, should consider before ceasing
By Brian Riley, Payments Journal Bankruptcy is a Constitutional right that allows consumers and businesses with an option to re-organize their credit responsibilities. On the consumer side, there are two options, Chapter 7, which discharges the filer’s debts, and Chapter 13, which allows for a structured payment plan. As with many metrics,
