By Kathryn Pomroy, Fox Business As a rule, borrowers must pay taxes if a lender forgives, cancels or discharges a debt for less than the amount owed. That money is considered ordinary income for tax purposes. Yet, early in December, Senate Majority Leader Chuck Schumer urged President Joe Biden to
By Ben Luthi, Investopedia Credit card debt has continued to drop in the U.S., down to $978.8 billion in November, the Federal Reserve reports. The latest numbers are part of a steady decline since the beginning of the coronavirus pandemic in March. Credit card debt had hit a record high
The JPMorgan Chase & Co. headquarters on Park Avenue in New York, NY on July 16, 2017. JPMorgan Chase is an American multinational banking and financial services holding company. By Imani Moise, David Henry, Reuters (Reuters) – A swell of deposits during the coronavirus pandemic has put big U.S. banks
By Snell & Wilmer, JDSupra One issue which has confounded bankruptcy attorneys and courts is whether a creditor, that seized the debtor’s property before the debtor filed for bankruptcy, violates the automatic stay if it does not voluntarily return the property to the debtor. This is commonly seen with pre-petition
US President Joe Biden During Meeting at the Black Economic Summit – Charlotte, NC – September 23, 2020 (Shutterstock) By Kate Smith, CBS News President-elect Joe Biden will extend the nearly year-long pause on federal student loan payments on “day one,” the first concrete promise the incoming administration has made
By Diana Olick, CNBC After setting more than a dozen record lows last year, mortgage rates began 2021 on an upward climb, and that lit a fire under borrowers, fearing they might miss the last of the lowest rates. Mortgage applications to refinance a home loan spiked 20% last week
By Bradley Arant Boult Cummings LLP, Lexology On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA 2021). Similar to the March 2020 CARES Act, several temporary changes to the Bankruptcy Code are included in Title X of the CAA 2021. Below, we examine four of the CAA
By Jennifer A. Kingson, Axios People who collected unemployment will receive smaller — or nonexistent — tax refunds this coming year because of a tax law quirk that counts unemployment as taxable income. Why it matters: Tens of millions of Americans who arguably need the refund the most will wind up
By Enda Curran, Michelle Jamrisko and Catherine Bosley, Yahoo Finance (Bloomberg) — Economic shocks like the coronavirus pandemic of 2020 only arrive once every few generations, and they bring about permanent and far-reaching change. Measured by output, the world economy is well on the way to recovery from a slump
By Tim Glaze, Housing Wire As the coronavirus began sweeping through the U.S. in March, many states issued shut-down orders for businesses, putting as many as 40 million people out of work by May. On March 27, Congress passed the CARES Act to offer economic relief to those affected by the shut-downs, expanding unemployment
