Going Bankrupt: Why Businesses Experience Bankruptcy

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Bankruptcy is an unfortunate reality that many businesses face. In its simplest terms, business bankruptcy is a process initiated by a company when it is unable to pay off its debts. The process is designed to help businesses restructure their financial obligations or liquidate their assets to repay creditors. Although bankruptcy is a complex process, […]

Presumption of Abuse in Chapter 7 Bankruptcy

In order to properly file for Chapter 7 bankruptcy a debtor must first qualify for Chapter 7 as determined by the U.S. Bankruptcy Code. Additionally, in 2005 Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) that requires debtors to submit their income to a means test before they can qualify for a Chapter 7 filing. The means […]

Civil and Criminal Tax Fraud in NYC

In today’s current economy, many people look for ways to make ends meet with less money than they had before. However, going outside the law to do so should not be considered. Tax fraud is one of the most common white-collar crimes in the country, and due to its powerhouse investment sector, it is an […]

Tax Consequences of Foreclosure

Foreclosure is one of the most frightening and demoralizing occurrences in a person’s life. At best, it is a massive setback to one’s credit; at worst, it can make your family homeless. On top of the emotional and mental toll, there can also be tax consequences after foreclosure, and there are also consequences if you […]