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…
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…
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