Taking your audit to tax court
Like many in New York and across the country, after you submit your tax returns, you may expect not to be dealing with the IRS until next year. Therefore, if you receive notice that the IRS is auditing your returns,…
Don’t neglect your mental health after filing bankruptcy
The decision to file bankruptcy is a big one. It’s often the best way to get your finances back on track. You may feel a sense of relief once you’ve made the decision and started the process. However, don’t be…
Why is credit card debt increasing among young Americans?
Those who study consumer debt had been expressing optimism in recent years over young adults’ seeming aversion to taking on credit card debt and consumer loan products. Millennials and those in the group following them (Generation Z) were doing better…
Why many Americans are 1 medical crisis away from bankruptcy
Most of us take good health for granted — until a serious injury or illness strikes us or a family member. The resulting medical bills, possibly coupled with lost or reduced income, can devastate a family financially. It’s widely assumed…
Why consolidation loans can leave people in greater debt
When people are deep in debt, trying to juggle payments to a multitude of credit card companies and lenders each month in addition to paying their basic living expenses, the idea of a “consolidation loan” can be very attractive. Why…
Experts say customer credit quality is declining
The first quarter of this year brought some troubling news regarding consumer credit. The credit card industry saw an increase in the charge-off rate. That reflects the percentage of debt that companies don’t expect to collect. While that rate (3.82%)…
Finding legitimate debt relief assistance
Far too many New York residents have found themselves struggling financially in the last few years. If you are one of them, you have likely been looking for debt relief options that will improve your situation without having to file…
Student loan debt and bankruptcy: Are changes on the horizon?
Student loan debt has risen significantly in recent years. Proposals for helping Americans deal with their crushing debt and even canceling some debt are being discussed by people who have entered the 2020 presidential race, like Sen. Elizabeth Warren. Unfortunately, even though…
Debt collectors may soon have more tools at their disposal
Back in the day, if someone owed money to a creditor, they may have received seemingly relentless telephone calls from collection agencies and debt collectors. Now, many people don’t have landlines and may not even answer cellphone calls. Younger people,…
Know the facts about the impact of bankruptcy on your credit
The decision to file for bankruptcy should never be made lightly. However, it should be made based on accurate information and not on widespread myths and misconceptions. One of the primary reasons that people hesitate to file for bankruptcy is…
