A financial industry report recently noted that delinquent payments on credit cards appear to be falling to their lowest levels in 15 years. The American Bankers Association report said that the delinquency fell to 2.47 percent in the fourth quarter…
Long Island residents may remember Dionne Warwick’s’ voice as one of the most recognizable of the 1960s, in hits such as “Walk on By” and “Do You Know the Way to San Jose?” At 72, she still performs fairly regularly.…
New York homeowners are still struggling with mortgage payments even as the nation appears to be slowly recovering from the burst of the housing bubble. Nationwide, foreclosures fell 29 percent in February from their level a year earlier, according to RealtyTrac.…
Consumer advocacy groups in New York and across the country have long warned of the “debt traps” posed by payday loans. Certain practices by short-term lenders, they say, are designed to send borrowers who really need debt relief into a spiral…
A commercial bankruptcy has different financial implications than an individual bankruptcy. However, creditors in a business bankruptcy may still seek out personal assets when they back business debts. The following Chapter 11 bankruptcy filing illustrates how a business may be forced…
The IRS has expanded its Voluntary Classification Settlement Program (VCSP) paving the way for more taxpayers to take advantage of this low-cost option for achieving certainty under the law by reclassifying their workers as employees for future tax periods. The…
As Long Island families facing foreclosure battle endlessly with mortgage lenders, they may feel like characters in a frustrating financial drama. In such situations, homeowners are easily overwhelmed due to limited knowledge of the legal process and the timeline for…
As reported by the Bankruptcy Law Network, the numbers are out for the April 1 inflation adjustment in dollar amounts in the bankruptcy code. The numbers increase 6.3%. Every three years, the bankruptcy numbers are automatically adjusted for the change…
Realizing a business venture is on the brink of possible failure can be a sobering event. Business owners in this situation often need to make difficult decisions about the future of their companies. Chapter 11 bankruptcy may be an unfortunate, but necessary,…
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…
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