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Category Archives: General
Repaying Salary After Arrest Isn’t Compensation for Loss and Isn’t Dischargeable
The obligation of a police officer to repay salary after being convicted of a crime is a nondischargeable debt, according to Bankruptcy Judge Kathryn C. Ferguson and District Judge Michael A. Shipp of Trenton, N.J. Affirming Judge Ferguson’s decision, the … Continue reading
Six tips for people starting a new business
Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business. Here … Continue reading
IRS reminds taxpayers of the home office deduction rules during Small Business Week
During Small Business Week, Sept. 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home … Continue reading
Unrepentant Lender Slammed with $260,000 in Damages for an ‘Egregious’ Stay Violation
For an egregious violation of the automatic stay that “severely injured” the debtor, Chief Bankruptcy Judge Laura T. Beyer of Charlotte, N.C., imposed $260,000 in sanctions, given that the lender’s “behavior displayed a high degree of reprehensibility.” The October 6 … Continue reading
Southwest Issues Layoff Warnings to 6,828 Employees
Southwest Airlines Co. dramatically expanded its furlough warnings, telling employees that 6,828 jobs are at risk as the company and its labor unions have failed so far to agree on how to cut $500 million in costs. all employees from … Continue reading
GM Will Recall 7 Million Vehicles for Air Bag Issue Worldwide
General Motors Co. will recall 7 million vehicles worldwide with potentially dangerous Takata air bag inflators. The recall is expected to cost the Detroit automaker $1.2 billion. The National Highway Traffic Safety Administration (NHTSA) said GM must recall 5.9 million … Continue reading
Guitar Center Files for Bankruptcy
Guitar Center Inc filed for chapter 11 bankruptcy, as music lovers moved their shopping online during the coronavirus pandemic. The retailer has negotiated to have a total of $375 million in debtor-in-possession financing from its existing lenders and intends to … Continue reading
Hundreds of Companies That Got Stimulus Aid Have Failed
About 300 companies that received as much as half a billion dollars in pandemic-related government loans have filed for bankruptcy. Many of the companies, which employ a total of about 23,400 workers, say that the funds from the Paycheck Protection … Continue reading
No Mandamus Against Referral to Arbitration
When a contract has an arbitration agreement, all disputed matters under the contract are presumptively subject to determination in arbitration, except a dispute as to whether a matter is subject to arbitration, which is presumptively subject to determination in circuit … Continue reading
Action on Invoices Too Late
Statute of limitations for contract actions is five years, with exceptions that include any action for payment upon a written contract, which is ten years. Ten-year limitation could apply to an invoice stating that buyer’s signature constituted a promise to … Continue reading