Does Bankruptcy Clear Tax Debt?
Bankruptcy is often a great option for people who are seeking debt relief. Not every debt, however, gets discharged in a bankruptcy case, and there is a lot of confusion around how bankruptcy affects income tax debt. There are many cases in which people cannot pay their income tax debt, and in this article we […]
KEEP READING . . .What is the Income Limit for Filing Chapter 7 Bankruptcy?
For many individuals that want to get out of debt, Chapter 7 bankruptcy may be the best option. The main benefit of filing for bankruptcy relief is the financial fresh start that a debtor receives with their bankruptcy discharge. Before you can file your case and get your discharge, however, there are a few things […]
KEEP READING . . .Why Hire New York City Bankruptcy Lawyers to File for Chapter 7 Bankruptcy?
The recent economic challenges have affected many New Yorkers to the point of filing for bankruptcy. The city has some of the highest taxes in the world, and with the real estate market in a down turn, it’s hard for people to make ends meet. If you are living and struggling under debt, you may […]
KEEP READING . . .Can I file for bankruptcy if I use my home for AirBNB?
Filing for bankruptcy as a homeowner can be a frightening thought because, well, you don’t want to lose your home. Especially if your home produces income, such as with AirBNB, can you file for bankruptcy?
KEEP READING . . .I received a wage garnishment. Can filing for Bankruptcy help?
You get home and check your mail when you notice a discreet envelope from a marshal’s office that says “Personal and Confidential.” You open it up and you see, in big letters at the top of the letter, “GARNISHMENT.” In a few weeks, you notice that your paycheck is smaller. You notice a new deduction: […]
KEEP READING . . .In bankruptcy, is there a difference between a “debt” and a “claim”?
Legal cases often hinge around very fine, technical distinctions between words. This is one of those times. In this article, we’ll take a look at a very important issue: in bankruptcy, is there a difference between a “debt” and a “claim?”
KEEP READING . . .Bankruptcy Gets a Little Tougher for Debtors Trying to Get a Vehicle Back
Many people file for bankruptcy because they may have defaulted on their car loan. Often in such cases, the creditor threatens immediate repossession, and the debtor files a case to either stop the repo, or to get the vehicle back. A recent case out of a federal appeals court may have made this situation a […]
KEEP READING . . .CAUTION: In a NY Bankruptcy, an asset may lose it’s protected status without you realizing it
For most people, bankruptcy cases are “successful” versus “unsuccessful” depending on whether they can keep most, if not all, of their property. Sometimes, this forecasting can be difficult to make. Even as a bankruptcy attorney, you may run with an assumption about an asset, and then someone challenges that assumption. In this case, the trustee […]
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