Average pay among big bank chiefs last year rose 17% to $25.3 million; bank may let go up to 500 bankers and traders in latest restructuring.
Read More from: Mediatbankry
Discharging old tax debts is a major goal for many Americans who have fallen behind on paying taxes. Much of the public mistakenly believes that filing for bankruptcy will automatically clear all debts including tax debts, but this isn’t always the case. You may be able to discharge certain tax debts when filing for Chapter 7 bankruptcy, but many non-income-related tax debts will not be cleared.
Read More from: The Law Office of Joel R. Spivack
The third quarter of 2017 had one blockbuster opinion reaffirming the finality of exemptions in Chapter 7 and several less remarkable decisions. It was a slow quarter for bankruptcy.
Read More from: A Texas Bankruptcy Lawyer's Blog
By its recent decision in In re Horne, 876 F.3d 1076 (11th Cir. 2017), the United States Court of Appeals for the Eleventh Circuit broadened the scope of attorney’s fees that are recoverable pursuant to section 362(k) of the Bankruptcy Code. In doing so, the Eleventh Circuit adopted the Ninth Circuit’s interpretation of fee awards … Continue reading
Read More from: The Robins Kaplan Bankruptcy Blog
According to a recent Forbes article, Millennials may not be doing so badly when it comes to handling their finances. That’s interesting news considering about one-third of Americans—77 million people—have a report of a debt in collections. Further, the average adult owes around $5,178. Despite a poor economic outlook since Millennials began entering the workforce (rising student loan debt, higher month-to-month credit card balances, historically lower wages, etc.) a more recent study found at least two surprising things. First, the average Millennial credit score increased by 4 points since 2016. Second, Millennials lowered their household debt by 8% during the same time.
Read More from: Bonds & Botes, P.C.
By WINNIE HU
In Chicago, a 15-cent fee on Uber, Lyft and other ride-hailing services is helping to pay for track, signal and electrical upgrades to make the city’s trains run faster and smoother.
Ride-hailing trips in Philadelphia are expected to raise $2.6 million this year for the city’s public schools through a 1.4 percent tax that will also generate more than a million dollars for enforcement and regulation of the ride-hailing industry itself. In South Carolina, a 1 percent ride-hailing fee has yielded more than a million dollars for municipalities and counties to spend as they choose.
And Massachusetts began collecting 20 cents for every ride-hailing trip this month, earmarking the revenue to improve roads and bridges, fill a state transportation fund and even help a rival — the struggling taxi industry — adapt with new technologies and job training.
As ride-hailing services become a dominant force across the country, they have increased congestion, threatened taxi industries and posed political and legal challenges for cities and states struggling to regulate the high-tech newcomers. But they are also proving to be an unexpected boon for municipalities that are increasingly latching onto their success — and being rewarded with millions in revenue to pay not only for transportation and infrastructure needs, but also a host of programs and services that have nothing to do with the ride-hailing apps.
Read More from: Shenwick & Associates
Read More from: Davis Polk Briefing: Governance
Unless, of course, you’re willing to have Wells freeze your money for days or weeks, on its own initiative.
Wells says they are “helping” the bankruptcy trustee by denying you access to your money. Only the bankruptcy trustee didn’t ask for help.
The bank is, in that delicious phrase, an officious intermeddler.
Move it anywhere else, preferably to a bank where you have no recent history. But whip up your horses, and get it out of Wells Fargo.
Here’s the issue.
Read More from: The Soap Box
The Automatic Stay is an order entered by the federal bankruptcy court directing that all debt collection actions against a debtor that has filed for bankruptcy protection stop. In most bankruptcies, the stay ordered is entered automatically by the court clerk when the case is filed. There are some statutory exceptions that apply in the event of repeat filings.
The automatic stay is authorized by 11 USC §362, a section of the bankruptcy code that details its provisions. This important statute prevents the taking of just about any type of action that improves or advances the position of a creditor after the case has been filed, including but not limited to:
Read More from: Bankruptcy Law Network
Welcome to the world of tax forms, withholding, and tax deadlines.
Taxes are the price we pay for civilization, according to Oliver Wendell Holmes.
In fact, the first day on your new job you’ll be presented with an IRS form w-4. It’s like a rite of passage into adulthood.
Even families that talk openly about money don’t often discuss the arcane details of the W-4.
My sons certainly hadn’t prepared their own returns when they left home. They were daunted by the 207 pages of instructions for the IRS 1040, the standard income tax form.
Read More from: The Soap Box
As the debate over housing reform heats up, policymakers should give careful consideration to a plan that recapitalizes the government-sponsored enterprises.
Citigroup Chief Executive Officer Michael Corbat received $23 million in compensation for 2017, a 48 percent increase from a year earlier and the biggest pay package he's received since taking the top job.
Jerome Powell is the first Federal Reserve chairman in more than a decade to have any background in the private sector. That could explain changes he's implemented in his first weeks on the job.
Their partnership aims to make it easier for community banks and other institutional investors to vet loans that they could buy from online lenders.
Banks scrapped a plan to create a shared data bunker for customer data in favor of a backup buddy system. Some argue a move to blockchain should be next.
The Financial Conduct Authority is seeking input on whether it should expand its fintech testing ground to include startups and regulators from around the world.
Triumph Bancorp has developed technology to help freight brokers make faster payments to truckers, charging a fee for the service.
Four of the startups are focused on business and consumer bill payments, and a fifth offers student loan repayment assistance as an employee perk.
The House Financial Services Committee chairman is calling out Fannie Mae and Freddie Mac's regulator for authorizing payments to two housing trust funds while the mortgage giants have their own financial struggles.