If a creditor is successful in suing a debtor and obtains a judgment against the debtor, the creditor has options to collect the money owed to them on the judgment. Two common methods of collection are wage garnishment and bank account restraints. Wage garnishment occurs when an employer is required to withhold the earnings of
NY Bankruptcy and Tax Blog, Information, and Resources
If you plan to file for bankruptcy, you are required to participate in consumer credit counseling from a government approved agency within 180 days of the filing. Pre-bankruptcy counseling is designated to ensure that the debtor is an appropriate candidate for bankruptcy. The counseling session should include an evaluation of the debtor’s personal financial situation, a discussion
Imagine getting a letter in the mail informing you that your mortgage payment has been rejected by your bank for insufficient funds. This may be because your bank account has been levied by another creditor whom you owed money. Unfortunately, in days past, New York banks automatically froze bank accounts rendering them useless for the
Student Loans and Bankruptcy College education costs continue to rise and so do the number of college graduates who are carrying a considerable amount of debt from their student loans. Ideally, students would graduate and use their degrees to find high paying positions that allow them to pay off their loans in a timely fashion.
One thing all Americans must do is file tax returns every year. It is important to fill out tax returns so that they are complete and accurate. This applies regardless of how much or how little money the taxpayer has, and regardless of whether the taxpayer is struggling financially. Taxpayers must file tax returns every