A commercial bankruptcy has different financial implications than a personal bankruptcy, although a business owner may support business debts with personal assets. Business owners often declare a business bankruptcy with a Chapter 11 filing. Readers in Long Island may want to learn…
Filing for bankruptcy is a step that people from any socio-economic background can consider if their liabilities are greater than their assets. Whether the individual involved is a millionaire, is struggling from one paycheck to the next or has suffered…
In the aftermath of Hurricane Sandy, the Internal Revenue Service announced additional tax relief to affected individuals and businesses. The IRS today is further extending tax deadlines of that relief until April 1 for the following localities: In New Jersey (starting…
The decision to file bankruptcy can be a difficult one, but in financially challenging times, it may be a sound option. Filing Chapter 11 bankruptcy can help a struggling business reorganize debt in an effort to keep it from going under. Businesses…
A business bankruptcy generally occurs because a company faces overwhelming debt. Companies may file for Chapter 11 to gain some relief from creditors while attempting to reorganize the business so that debts can be discharged. Our New York readers are already familiar…
The Internal Revenue Service today announced guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction AlternativeSM offered through the Department of the Treasury’s and Department of Housing and Urban Development’s Home Affordable Modification…
Very few people buy a home anticipating foreclosure. However, circumstances can create a situation where an otherwise-solvent family can suddenly struggle to pay bills, particularly where the home suffers from severe damage due to a natural disaster. Combine this with…
The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. The new simplified option is available starting with…
Foreclosure is a disheartening reality for people suffering from financial challenges due to unemployment, natural disaster, medical expenses and other unpredictable circumstances. Regardless of past payment history, a homeowner’s sudden inability to make mortgage payments can lead to lengthy court…
Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30.…
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