On August 23, 2019, the Small Business Reorganization Act was passed (SBRA) which was effective on February 19, 2020. The goal of this law was to streamline the reorganization process and make Chapter 11 more affordable for qualified businesses. Qualified Businesses ½ total debt from business $2.7M debt limit which increased for 1 year only
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
Discharging Income and Non-Income Tax Debt
An extremely common question for filers of bankruptcy is whether or not tax debts are dischargeable. A large variety of them is, including varieties of income tax debts such as on late-filed returns. However, non-income tax debts can be a very real concern for some debtors. It is absolutely imperative to know what you will