New York Tax Levies

by Diana Revzin on March 18, 2014

A levy is an order issued by the court to a bank or other third party to turn over funds or assets belonging to you to New York State to pay a tax obligation. Before a tax levy can be issued, a tax warrant must be filed. What is a Tax Warrant? A tax warrant [...]

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What to Do About Your Tax Debt

by Diana Revzin on March 17, 2014

Few things are worse to think about than your tax debt. You knew that when you filed, or did not file, that taxes would be owed, or you were surprised to get a notice advising you of an underpayment and that penalties and interest are accumulating. In these situations, there are some things you can [...]

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Are You Responsible for Your Spouse’s Tax Debt?

by Diana Revzin on March 4, 2014

Spouses who communicate and share in the finances and obligations of the relationship expect to also share in each other’s tax debts. When you file jointly, for example, the IRSa and the New York Tax Department treats you as a single taxpayer. Any refund that is due is not apportioned. Consequently, any offset on a [...]

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How Are Taxes Treated When You File for Bankruptcy?

by Diana Revzin on January 29, 2014

If you are struggling to pay the bills each month yet find yourself falling farther and farther in debt, bankruptcy may be the best long-term solution. Most individual debtors file either a chapter 13 or a chapter 7 bankruptcy. If you have significant tax debts, the way those debts are handled in the different bankruptcy [...]

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Types of Corporate Bankruptcy

by Diana Revzin on January 27, 2014

You have worked hard to get your corporation viable and profit-making, having invested large amounts of money and time and perhaps hiring employees to realize your business dream. Unfortunately, because of the economy or other factors, your business is struggling, creditors are hounding you, and you may even have lawsuits filed against you as well [...]

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Four Things to Avoid Doing Before Filing for Bankruptcy

by Diana Revzin on January 2, 2014

The decision to file for bankruptcy can be a difficult one, but once you decide to move forward, it is important to understand what you shouldn’t do before you actually file. Filing for bankruptcy is not a guarantee that you will be approved. Therefore, you need to follow the right steps to increase your chances [...]

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How are sales taxes treated in Chapter 11 bankruptcy?

by Diana Revzin on January 2, 2014

Will Chapter 11 free you from the obligation of paying IRS sales tax debt? Chapter 11 Bankruptcy is a long and involved legal process which you should pursue when you have decided that your business is truly worth saving. When making this decision, you should also make certain that the amount of the debt you’ll [...]

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Are Student Loans the New Debt Epidemic?

by Diana Revzin on December 30, 2013

Student debt overwhelms millions of recent college graduates and their parents Many recent grads and their families are being overwhelmed by a serious student debt problem. American student loan debt has ballooned to more than $1 trillion, with more than 7 million borrowers in default. The United States leads the world in abandoning students to [...]

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How Soon After a Bankruptcy Can I Purchase Property?

by Diana Revzin on November 25, 2013

The Federal Housing Administration (FHA) specializes in insuring loans for qualified borrowers who have issues that exclude them from conventional loan programs, such as less than perfect credit histories. While subprime loans also cater to this type of borrower, FHA loans offer market-competitive interest rates and terms much lower than those of subprime loans. FHA lenders require [...]

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Payday Loan Scams

by Diana Revzin on November 24, 2013

Although payday loans are illegal in New York State (as well as 14 other U.S. states), Internet lenders are preying on those in the New York City area with “too good to be true” offers. The offers may sound attractive, but once you get caught in these payday loan cycles, it’s very difficult to break [...]

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