It’s possible to discharge some tax debts in New York bankruptcy, but the requirements can be difficult to meet, so it’s possible for debtors to not qualify for tax debt discharge. However, there is another option to slogging through an IRS tax debt: settlement. The IRS has a program called “offer in compromise,” which allows
It’s quite common that people who’ve been injured can’t work or afford medical treatments. The Affordable Care Act will help them a lot, but even if they have a winning lawsuit claim against whoever injured them, a settlement or judgment might be a long way off. As a result, a large industry of lawsuit loans
This is the basic finding the Pew Charitable Trusts’ report on the financial situation of “Generation X” (“Gen X”), which it defines as all Americans born between 1965 and 1980. Generational designations are really kind of arbitrary—why does Gen X only get 15 years?—and mobility studies often ask their readers to accept silly assumptions. One
One of the most questionable changes to the Bankruptcy Code in the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was to extend the “undue hardship” standard to discharging private student loans. For New York bankruptcy, this meant that irrespective of who the lender was student debts were basically permanent. Fortunately, for federal loan
Partner and Brooklyn bankruptcy attorney Bruce Weiner successfully won yet another “complex” case involving claims and counterclaims, which was cited in Bankruptcy Reporter. Read the judge’s decision here: In re Merhi, 518 B.R. 705 (Bankr. E.D.N.Y. 2014). His client, the creditor, sold a house to the debtor with a balloon mortgage. When it came time
Most of the time, people in debt are warned about debt settlement or credit rehabilitation scams, both of which can cost force them to file New York bankruptcy. However, there are many other ways con artists try to get honest people, one of which is especially troublesome since the housing bubble burst several years ago:
Chapter 13 New York bankruptcy can be a more flexible way to get a fresh start than chapter 7 or chapter 11, but debtors might be concerned that it’s hard to meet the requirements to file. On the contrary, the requirements for filing in chapter 13 are light. They’re mostly confined to 11 U.S.C. §
If you are considering filing New York bankruptcy, you might have heard of a program called the Earned Income Tax Credit (EITC), and you may be curious if it can help you instead. Chances are it can. The EITC is a mid-1970s policy enacted by Congress that’s designed to help American workers stay above water
Chapter 7 New York bankruptcy is usually used by people with significant unsecured debts and little reliable income to repay them. Homeowners filing chapter 7 usually intend to stay in their homes or at most discharge a mortgage deficiency after selling them. Sometimes a domestic partner is eligible for chapter 7 because he or she
One reason people file New York bankruptcy is to avail themselves of the automatic stay to halt a foreclosure. Indeed, a well-timed filing can save a house, particularly if debtors are willing to commit to a chapter 13 plan that can allow them to cure defaults and resume their regular payments. However, for debtors who
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