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 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
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,
U.S. President Joe Biden speaks from the Treaty Room in the White House about the withdrawal of U.S. troops from Afghanistan. – Washington, DC – April 14, 2021 (Shutterstock) By Oscar Gonzalez, CNET President Joe Biden has yet to lay out any plans on reducing the roughly $1.7 trillion of
By Lydia DePillis The federal government has quietly reversed course on a policy that had kept thousands of businesses from applying for pandemic economic aid, with only weeks to go before funds are expected to run out. In late March, ProPublica reported on a Small Business Administration rule that disqualified individuals or
Close-up closing sign at J.C. Penney store facade building. Coronavirus (COVID-19) forced JCPenney to file for bankruptcy protection and closing many locations. – Dallas, TX, USA – Oct 7, 2020 (Shutterstock) By Christina Hughes Babb, DS News March experienced the highest monthly increase in new bankruptcy filings across all chapters—
By Adam S. Minsky, Forbes A settlement agreement with a private student loan debt buyer following the collapse of a for-profit college chain will result in $2.6 million in student loan forgiveness for former students. Pennsylvania Attorney General Josh Shapiro announced the agreement yesterday. The settlement agreement is with Elevation
