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Category Archives: General
Judge Barnes Tells Gamblers What Records to Keep to Win a Discharge in Bankruptcy
Anyone who gambles incessantly risks bankruptcy and the denial of discharge without adequate documentation of gambling losses. Bankruptcy Judge Timothy A. Barnes of Chicago wrote an opinion listing records that gamblers should keep to avoid having their discharges denied under … Continue reading
Posted in Bankruptcy, General
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The tax responsibilities that come with shutting down a business
There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax … Continue reading
Posted in Business, General, Taxation
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IRS announces 401(k) limit increases to $20,500
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of thecost of … Continue reading
Managing member of limited liability company owed fiduciary duty to other members
Following a bench trial, John Meyer appealed a judgment of $205,982.55 plus court costs entered against him in favor of Lynn Schieve. Schieve claimed Meyer, as acting manager of the Carroll Meyer Family Limited Liability Company, breached his fiduciary duty … Continue reading
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Doctor Who Allegedly Brandished a Gun During Online Bankruptcy Hearing Faces Possible Criminal Contempt
A doctor is facing criminal contempt proceedings after he allegedly brandished a handgun during a video-conferenced bankruptcy court hearing in the midst of an eviction dispute with his landlord. The doctor, who is not being named since the proceeding is … Continue reading
Posted in Bankruptcy, General
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Police officers in police pursuit were protected by official immunity
Lonnie Decker filed a petition for wrongful death against Sgt. Dirk Helms and Police Chief Joe Edwards of the De Soto Police Department as well as several other defendants following the death of Decker’s daughter, Lillian Flath. Flath was a … Continue reading
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U.S. Facing the Biggest Inflation Surge in More than 30 Years
Consumer prices jumped 6.2% in October, hitting its highest point in more than 30 years according to the Labor Department. The consumer price index (CPI) , which references gasoline, health care, groceries, rent and more, rose 6.2% from a year … Continue reading
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U.S. Jobless Claims Drop to Pandemic Low of 267,000
The number of Americans applying for unemployment benefits fell to a new pandemic low of 267,000 last week as the job market recovers from last year’s sharp coronavirus downturn. Jobless claims fell by 4,000 last week, the Labor Department reported. … Continue reading
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Americans Have Never Been in So Much Debt
American households are carrying record amounts of debt as home and auto prices rise, COVID infections continue to fall and people get out their credit cards again. Between July and September, U.S. household debt climbed to a new record of … Continue reading
Posted in Debt, General
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Puerto Rico Bankruptcy Tab Nears $1 Billion as Case Nears End
Hurricanes, earthquakes, the removal of a governor from office and the COVID-19 pandemic have all prolonged the commonwealth’s bankruptcy to more than four years, adding to its costs and keeping the island in default. U.S. District Court Judge Laura Taylor … Continue reading
Posted in Bankruptcy, General
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