But not much. Student loans are the bane of consumer debt. A series of changes to the bankruptcy code starting in the late 1970s and culminating in 1998 rendered it impossible for debtors to discharge their student loans short of a showing of “undue hardship,” which in practice meant that debtors had to be physically …
President Obama’s New Student Loan Reform Offers Some Help for New Yorkers Read More »
Owning a business while filing a personal bankruptcy in New York can complicate the process, and if the business is bankrupt—as is often the case—it’s even harder. If your business is on the verge of bankruptcy, and especially if you’re a sole proprietor, there are some ways to better protect your business income from liquidation …
Protecting Your Small Business in New York Bankruptcy Read More »
New York homeowners have several options for dealing with underwater mortgages and deteriorating household finance situations: modifications, deed in lieu of foreclosure agreements, bankruptcy, and short sales. The easier option may be refinancing, sometimes called “refis,” which just means taking on a new loan to repay on better terms to repay the terms of the …
Benefits and Drawbacks of Refinancing a Mortgage in New York Read More »
Receiving a discharge from the bankruptcy court in New York iis the goal of New York bankruptcy petitioners. It should be a relief so that people can continue their lives. Although, occasionally creditors claim the loans you discharged are forgiven instead, meaning you’ll have to pay income tax on the forgiveness. What does this mean …
4 Steps to Escape Paying Income Tax on Discharged Debt in New York Read More »
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