Gambrell & Associates, PLLC

03/29/2020

Key provisions in the Coronavirus Stimulus Package related to pending and future bankruptcy cases, which are:

Amending the Small Business Reorganization Act of 2019 (SBRA) to increase the eligibility threshold for businesses filing under new subchapter V of chapter 11 of the U.S. Bankruptcy Code from $2,725,625 of debt to $7,500,000. The eligibility threshold will return to $2,725,625 after one year. Check out our SBRA Resource Page for more information.

Amending the definition of “income” in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as “income” for purposes of filing bankruptcy.

Clarifying that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.

Explicitly permitting individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years after their initial plan payment was due.

03/22/2020

The Wall Street Journal Prime Rate fell to 3.25% on March 20th.

Since hitting its high point on December 20, 2018, the prime rate has fallen to 5.25% on August 2, 2019, to 5.0% on September 19, 2019, to 4.75% on October 31, 2019. Thus, the economy was clearly cooling down last summer and fall.

As a result of being hit hard this year dealing with the measures currently in place to slow the spread of COVID-19, the rate fell to 4.25% on March 4th and took the 1.0% drop on Friday, March 20th.

To bankruptcy clients, this means a lot as interest rates are normally set at approximately 2.0% above the prime rate.

03/04/2020

In remembrance of Candace Gambrell, Robert’s wife, our offices will be closed on Friday March 6, 2020. Candy passed away at home on March 3rd surrounded by her family. Despite Candy’s ongoing battle with Lynch Syndrome she was always a steady and calm presence for her friends and family and will be deeply missed.

Visitation for Candace Gambrell will be Friday, March 6, in Oxford at Coleman Funeral Home from 4:00pm to 6:00pm.

Saturday, March 7, Funeral Mass will be held at St. John’s Catholic Church of Oxford at 10am; Reception to Follow.

Memorial Service at Our Lady of Fatima in Biloxi, MS to be announced

In lieu of flowers, donations may be made to Lynch Syndrome International at the following: www.justgiving.com/CandyGambrell

06/29/2019

Unfortunately, DeVos does not understand how for-profit colleges prey on young people that want to increase their earnings capacity but do not realize how much the are paying for a worthless degree. Now the government will help these colleges strap even more people with student loan debt that they will never be able to repay.

The Trump administration on Friday revoked an Obama-era rule that aimed to terminate federal funding to for-profit college programs that consistently left graduates with high student debt. Department officials announced that the 2014 gainful employment rule will be rescinded effective July 1, 2020.....

05/25/2019

I don't know how I could practice bankruptcy law without spreadsheets. Thanks to Dan Bricken, spreadsheets became available one year after I received my law degree.

Technology reshapes the workplace in much subtler ways than simply robots stealing jobs.

02/17/2019

https://newsms.fm/hood-delivers-17-6-million-to-states-general-fund/

Earlier this week, Attorney General Jim Hood delivered a $17.6 million check to the Mississippi

02/14/2019

Per Washington Post a record 7 million Americans are 3 months or more behind on their car notes:

There are even more Americans behind on their auto payments today than during the financial crisis era.

09/08/2018

Foreclosures are up in 44% of US Markets per this article:

https://www.prnewswire.com/news-releases/foreclosure-starts-increase-in-44-percent-of-us-markets-in-july-2018-300699900.html

11/30/2016

By Colleen Murphy

(BNA) -- The IRS aims to include as many homeowners as possible in a taxable-income exclusion set to expire at the end of the year.

The Internal Revenue Service will accept debt reduction modifications as long as the borrower receives a trial offer by the sunset of the Home Affordable Modification Program, set for Dec. 30, 2016, according to Notice 2016-72. The program was created to encourage banks to lower monthly mortgage payments to help homeowners stave off foreclosure after the subprime mortgage crisis.

Debt incurred to buy, build or improve the borrower's home is considered qualified debt, according to tax code Section 108(a)(1)(E). Generally, canceled debt must be included in a taxpayer's gross income, but under the code section, up to $2 million of the qualified debt can be excluded.

“This is trying to capture as many people as possible in the folks that can benefit from that tax assistance,” Sarah Bolling Mancini, of counsel at the National Consumer Law Center Inc., told Bloomberg BNA Nov. 28.

The IRS guidance focuses on the programs that allow homeowners to reduce the principal balance on their loans, not programs that just reduce interest rates or stretch repayment terms, Mancini said.

Homeowners must receive a trial period plan from their bank before Jan. 1, 2017, but don't need to complete the plan or enter into a permanent version before the deadline, the IRS said. Typically, a bank will send out a letter saying a homeowner is approved for a trial plan, and the homeowner must then make a trial payment for the next three months before a permanent version will be offered, Mancini said.

Notice 2016-72 is scheduled to be published in Internal Revenue Bulletin 2016-50, dated Dec. 12.

11/16/2016

Link showing student loan debt per state:

http://bostinno.streetwise.co/2016/11/15/map-of-average-student-loans-in-the-us-2015/

Ever wondered how your college loans compare to the rest of the country? The Institute for College Access and Success (TICAS) has you covered. It just released their annual report on student...

11/06/2015

Today is National Love Your Lawyer Day!

There is no law that says you must celebrate Love Your Lawyer Day on Friday. But the thought of dedicating a whole day to loving litigators is resonating with the legal profession, if not the wider public.