New York homeowners with second mortgages may want to know about a case being discussed by the Supreme Court regarding how bankruptcy should affect the status of “underwater” second mortgages. The case involves allegations that the current system, which is…
People who file for bankruptcy in New York often worry about what assets might be seized after they file. Although some people may be tempted to transfer valuable assets to family members and friends in an effort to protect them,…
According to a study done by an attorney, 40 percent of holders of student loans were able to have those obligations discharged in bankruptcy court if they attempted to do so. Furthermore, although there are thousands of good candidates for…
“The Internal Revenue Service has reminded people with home-based businesses filling out their 2014 federal income tax returns that they can choose a simplified method for claiming the deduction for business use of a home. Introduced in tax year 2013,…
“The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2015. The rates will be: • three (3) percent for overpayments [two (2) percent in the case of a corporation];…
“Taxpayers that they still have time to contribute to an IRA for 2014 and, in many cases, qualify for a deduction or even a tax credit. Contributions to traditional IRAs are often deductible, but distributions, usually after age 59½, are…
The Federal Reserve Bank of New York has filed a report that indicates that bankruptcy may not be the last resort many people make it out to be. Analyzing changes in bankruptcy law from 2005 onward, the Federal Reserve has…
While filing for bankruptcy may result in a discharge of many different types of debt, tax obligations are only released under certain circumstances. For example, being freed from tax debts is typically more likely when the individual is filing for…
Making the decision to file for personal bankruptcy should not be taken lightly. Declaring bankruptcy can have long-term financial consequences. However, for some New York residents, it can make funds available to take care of necessary expenses. Some of the…
There are two primary types of personal bankruptcy available to New York residents. While Chapter 7 involves a liquidation of non-exempt assets in order to pay creditors, Chapter 13 offers a different option through which individual debtors will not necessarily…
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