The Consequences of Bankruptcy

For most Americans bankruptcy is a frightening prospect.  It means that the debtor is unable to pay his or her bills because the debt exceeds the assets.  There are many pervasive bankruptcy myths about the effect of bankruptcy on the debtor’s financial life that add to the fear of bankruptcy.  As a result, most Americans […]

12 Myths about Bankruptcy

Bankruptcy – the term brings up some pretty unsettling images for many people. The idea of being destitute, living the rest of your life under a label that you can never quite shake. Unfortunately, many of the assumptions people have about bankruptcy are untrue. Bankruptcy is a tool, a process that serves an important purpose […]

Which Chapter of Bankruptcy Should You Choose?

Once you make the decision to file for bankruptcy to have a fresh start to your financial life, you must decide which Chapter you should file under.  A New York bankruptcy attorney can assist you in determining the appropriate Chapter to file your bankruptcy case under. The most common types of bankruptcy filings for consumers […]

Bankruptcy and Tax Obligations

In Chapter 7 bankruptcy, most of the debtor’s debt will be discharged.  However, some tax debts are not dischargeable in bankruptcy.  The obligation to pay taxes is one of the most rigid duties we all share.  In bankruptcy, this usually does not change.  Unless the taxes meet very specific elements required for discharge, the bankrupt […]

Paying Delinquent Taxes

If you missed the deadline to make a tax payment and are now delinquent, there are several options to pay the money you owe the Internal Revenue Service. A missed payment does not necessarily mean the IRS will conduct a tax audit.  A missed payment also does not mean the IRS will necessarily begin aggressive […]