News & Analysis as of

Debt Loan Forgiveness

Patterson Belknap Webb & Tyler LLP

The State of Student Loan Debt in Bankruptcy

On June 30, the Supreme Court ruled that the Biden administration did not have authority to forgive student loans under the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act). Despite this defeat,...more

Spilman Thomas & Battle, PLLC

The Academic Advisor - Education Law Insights, Issue 5, May 2023

Summer is Coming: Are Youth Camps Part of Your Clery Compliance Program? “Regarding compliance and safety, many institutions have youth protection policies that camps must follow.” Why this is important: The Jeanne...more

Spilman Thomas & Battle, PLLC

The Academic Advisor - Education Law Insights, Issue 7, December 2022

Welcome to our 7th and final edition of The Academic Advisor for 2022 - our e-newsletter focused on education law insights. In this issue, we discuss the academic strike occurring at the University of California and how...more

McGlinchey Stafford

Student Loan Borrowers Beware: You May Owe State Tax on the Forgiven Debt Even If You Do Not Receive an IRS Form 1099-C

McGlinchey Stafford on

As reported late last year, the IRS announced in Notice 2022-1 (Notice) that lenders are not required to, and should not, issue IRS Forms 1099-C when certain student loan debts are forgiven. The Notice was in response to...more

Fox Rothschild LLP

Baneful Biproduct Of Biden’s Student Debt Relief Plan

Fox Rothschild LLP on

It has not actually happened but last month the administration announced its intention to confer discharges of up to $10,000 in student debt for individuals earning less than $125,000 or couples earning up to twice that...more

Foster Garvey PC

There Is a Santa Claus After All – Lawmakers Deliver a Wonderful Holiday Gift to Businesses and Their Owners in a Time of Need

Foster Garvey PC on

The Consolidated Appropriations Act, 2021 - In a bipartisan effort, H.R. 133-116th Congress: Consolidated Appropriations Act, 2021 (the "Consolidated Appropriations Act, 2021") overwhelmingly passed both the House and the...more

Holland & Hart LLP

Debt-Free Deals with "Free Debt" – Practical Solutions for Sellers with PPP Loans in M&A

Holland & Hart LLP on

The majority of middle-market M&A has followed a similar structure for quite some time: while ensuring normalized working capital, the seller sweeps “Cash” and pays off all “Debt” at closing. The nuance, of course, lies in...more

Rosenberg Martin Greenberg LLP

Navigating Existing "Future Debt Restrictions" After Obtaining PPP Loan

Many businesses that participated in the Paycheck Protection Program (“PPP”) may have inadvertently defaulted on some of their pre-existing credit facilities or outstanding loans. As has become standard within these debt...more

Ballard Spahr LLP

CDIA and Metro 2 approve new special comment code for extinguished debts

Ballard Spahr LLP on

Recently, the Consumer Data Industry Association (CDIA) and the Metro 2 Taskforce approved a new Special Comment Code in FAQ 69.  According to CDIA’s press release , the new code, “DE = Debt Extinguished Under State Law,”...more

Robins Kaplan LLP

Financial Daily Dose 10.25.2019 | Top Story: ECB Holds Rates Steady as Draghi Departs

Robins Kaplan LLP on

Mario Draghi presided over his final ECB meeting yesterday, with the central bank deciding to hold rates steady and let current stimulus measures play out for the time being. His departure (and the arrival of former IMF chief...more

Allen Matkins

Nevada Supreme Court Applies De Facto Merger Doctrine To Debt Forgiveness Transaction

Allen Matkins on

Last month, Professor Stephen Bainbridge posed the question of whether California recognizes the de facto merger doctrine outside of the successor liability context. Here was my response. Less than two weeks later, the...more

Miller & Martin PLLC

IRS Creates New Disregarded Entity Exclusion from Debt Cancellation Income

Miller & Martin PLLC on

The IRS has announced a new safe harbor from the discharge of debt income rules. Debt that is cancelled, discharged or forgiven is generally taxable as income, but there are exceptions. Under one exception, certain...more

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