SherkLaw - Wendell J. Sherk

03/13/2025

It is better to default on a credit card than miss a house payment or a car payment. We can address credit card debt more easily than problems with your mortgage or car loans. These are critical things to keep paying, if you can.

Credit card defaults are on the rise for Americans, reaching the highest amount in 14 years. U.S. credit card defaults jumped to a record number of $46 billion from January through September 2024, reported the Financial Times, citing data analyzed by BankRegData.With high levels of credit card debt

03/13/2025

https://www.cbs19news.com/is-public-service-loan-forgiveness-going-away-understanding-trump-s-executive-order/article_37219a4b-ac6e-5da7-b741-56724f8754b0.html

On Mar. 7, President Donald Trump signed an executive order that seeks to limit who can qualify for Public Service Loan Forgiveness (PSLF). It directs the Education Secretary to write

08/15/2024

https://www.propublica.org/article/wisconsin-lac-du-flambeau-tribe-predatory-lending-lawsuit-sovereign-immunity

The Lac du Flambeau tribe is at the center of a $1 billion class-action settlement that comes after years of fending off claims of predatory lending practices.

01/17/2024

The preference clawbacks have begun. If you withdrew your coins from Celcius in the 90-days before bankruptcy, expect to be asked to give 'em back or get sued.

Celsius creditors who withdrew over $100,000 from Celsius in the three months before bankruptcy will have to return part of the funds.

01/17/2024

The fallout from the secret relationship between Judge David Jones and a former clerk could cost large Houston law firm dearly.

Jackson Walker LLP will face fee clawback trials in August over Justice Department accusations that it failed to disclose allegations of a romantic relationship between one of its former attorneys and a former prominent Houston bankruptcy judge.

01/17/2024

Some think Spirit may end up in bankruptcy liquidation because its proposed merger with JetBlue has been blocked. (Not that the Street hates having a profitable merger blocked and wants to scare anyone.)

The market has turned bleak for a major national airline and the end could be near, an analyst reports.

10/30/2023

This is a black eye for the bankruptcy community in Houston, not just for this law firm and this specific judge. Just so outside the norm for the way we operate, it's amazing.

David Jones was the busiest bankruptcy judge in the United States, overseeing the dissolution or restructuring of corporate titans ranging from Neiman Marcus to J.C. Penney.

08/10/2023

The Supreme Court has intervened and agreed to hear the Purdue Pharma case. This does not particularly bode well for the controversial arrangements that give 3rd parties protection from facing victims in jury trials in return for contributions to their bankrupt company's settlement fund.

The Supreme Court has blocked a nationwide settlement with OxyContin maker Purdue Pharma that would shield members of the Sackler family who own the company from civil lawsuits over the toll of opioids, linked to more than 70,000 fatal overdoses every year.

07/11/2023

Only so much you can do if you open a restaurant in the middle of a pandemic. hopefully they won't be wastin' away in Chapter 11.

Stories you may have missed from the world of business.

07/11/2023

Ugh, you hate to see this happen to a cool guy like Trejo but I would bet his bankruptcy is going to be a good way to deal with the tax problem.

Actor Danny Trejo ha filed for Chapter 11 bankruptcy and owes more than $2 million in back taxes, according to legal documents obtained by Eyewitness News.

06/13/2023

Kitchenware manufacturer Instant Brands will seek to fix its balance sheet in chapter 11.

05/11/2023

Effective 4/11/23

The three nationwide credit reporting companies – Equifax, Experian, and TransUnion – also removed all paid medical debts from consumer credit reports and those less than a year old. They have also taken steps to remove all medical collections under $500. This last step went into effect on April 11, 2023

Have medical debt? Anything already paid or under $500 should no longer be on your credit report | Consumer Financial Protection Bureau (consumerfinance.gov)

The CFPB's vision is a consumer finance marketplace that works for American consumers, responsible providers, and the economy as a whole.