Bankruptcy proceedings can have long-term benefits
National News
Chicago Bankruptcy Law Firm Covers Bankruptcy in the Wake of COVID-19 The COVID-19 pandemic has damaged the economy, leaving many families and business owners worried about how they will pay for even the most basic expenses. In the midst of this crisis, you might be considering filing for bankruptcy or wondering how COVID-19 will affect an existing bankruptcy filing. No matter your situation, the Chicago Bankruptcy Law Firm of Daniel J. Winter is here to help give you the answers and assistance that you need. We are more than happy to explain to anyone in financial distress exactly what their options are. What Is Bankruptcy? Bankruptcy is a Federal system of laws, rules, and procedures designed to help legal residents of the U.S. deal with their debts, which, for whatever reason, individuals or businesses cannot pay as they are due. The most common types of Bankruptcy are for people (called Consumer Bankruptcies). Two major types of Consumer Bankruptcy are Chapter 7 (liquidation or debt elimination), Chapter 13 (wage-earner reorganization for individuals or people running unincorporated businesses). Chapter 11 is a type of Corporate Bankruptcy (reorganization for businesses and certain individuals with extremely large amounts of debt). Chapter number refers to the section of the Bankruptcy law, called the Bankruptcy Code (which is in Title 11 of the U.S. Code). Bankruptcy cases almost exclusively fall under federal law, though states may pass laws governing issues that federal law doesn’t address. Special bankruptcy courts nationwide handle only debtor-creditor cases. Generally, any bankruptcy-related claim must be filed with the U.S. Bankruptcy Court.
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USCIS Issues Clarifying Guidance on NAFTA TN Status Eligibility for Economists
U.S. Citizenship and Immigration Services (USCIS) announced today that it is clarifying policy guidance (PDF, 71 KB) on the specific work activities its officers should consider when determining whether an individual qualifies for TN nonimmigrant status as an economist.
The North American Free Trade Agreement (NAFTA) TN nonimmigrant status allows qualified Canadian and Mexican citizens to temporarily enter the U.S. to engage in specific professional activities, including the occupation of economist. The agreement, however, does not define the term economist, resulting in inconsistent decisions on whether certain analysts and financial professionals qualify for TN status as economists.
TN nonimmigrant status is intended to allow a limited number of professionals and specialists to work temporarily in certain specifically identified occupations in the United States. This updated guidance provides USCIS officers with a specific definition of one such category – economists – allowing them to adjudicate applications in a way that complies with the intent of the agreement. This policy update clarifies that professional economists requesting TN status must engage primarily in activities consistent with the profession of an economist. Individuals who work primarily in other occupations related to the field of economics — such as financial analysts, marketing analysts, and market research analysts — are not eligible for classification as a TN economist.