Blog

  • What Can I Do About Tax Penalties?

    || 9-Feb-2017

    The IRS assesses many types of penalties against tax payers for various tax non compliance issues. These penalties can be very costly to tax payers. For example, Failure to File Penalties can be assessed at 5% of unpaid tax and accrues 5% for each month until they reach a maximum of 25%. IRS also assesses other penalties such as Failure to Pay, Failure to Deposit, Trust Fund Recovery Penalty ...
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  • How Can I Prevent Losing My New York Driver's License if I Owe Back Taxes?

    || 5-Aug-2015

    New York drivers could face license suspension if they opt out of paying back taxes that total more than $10,000. More than 7,000 driver’s licenses had been suspended because of a law that was implemented in 2013 to encourage New Yorkers to stay on top of their taxes. Close to $60 million has been generated from the license suspensions of delinquent taxpayers. The Consequences of Back Taxes ...
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  • Benefits of Chapter 13 Bankruptcy

    || 16-Jun-2015

    Bankruptcy may carry a stigma to some people but in most cases it is a way for individuals to regain their financial footing without losing all their property. Chapter 13 bankruptcy allows individuals with steady income to create a repayment and reorganization plan for all or part of their debts. A Chapter 13 Plan is either three or five years, and as long as you don’t exceed the Chapter 13 ...
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  • DO I NEED AN ATTORNEY TO FILE FOR BANKRUPTCY?

    || 5-Mar-2015

    The short answer is no, you are not obligated to have a lawyer in order to file for bankruptcy in New York. On the other hand, when dealing with an issue of such legal and financial significance, and where you may lose assets if you don’t understand the law, it can be worth it to hire an attorney to advise and guide you through the process. What would I have to do to file by myself? Filing ...
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  • CREDIT REPORT QUESTIONS - PART ONE

    || 28-Sep-2014

    How Long Is A Debt On Your Credit Report? Clients often come into my office confused about the information on their consumer credit report and want to clean up negative information on their report. Delinquent accounts are often a barrier to clients obtaining new credit, which can be integral to helping you clean up your credit and obtain products and services you need. So, let's go over some ...
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  • HOW BANKRUPTCY CAN HELP YOU KEEP YOUR CAR

    || 18-Jun-2014

    Most of the time, people think about bankruptcy as a way to help them eliminate their debts and start fresh. But, did you know that bankruptcy can also help you keep your car or even lower the overall amount of money you have to pay for your car? In Chapter 7 bankruptcy, if your car is less worth than what owe on it, you have the option to redeem your car for its actual value. What does this mean? ...
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  • SETTLING DEBTS VS. FILING BANKRUPTCY What Option is Best for You?

    || 18-Jun-2014

    A lot of clients come into my office and ask about whether debt settlement or bankruptcy are best for them. In my opinion, if you are eligible for bankruptcy, bankruptcy is a much better option most of the time. Let me explain why. If you qualify for Chapter 7 bankruptcy and your assets can be protected, you generally do not have to pay back any of your debt. There are exceptions for tax debts ...
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  • SO YOUR BANK WON'T GIVE YOU A MODIFICATION?

    || 7-Jun-2014

    Sadly, too many homeowners come into my office after numerous failed attempts to work with their bank to modify their mortgage. There can be many different reasons why your bank wouldn't modify your mortgage. Modifications are complicated. Now, new rules require your servicer to explain why you may not have qualified for a modification but perhaps you didn't have the benefit of these ...
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  • Inherited IRAs- Are They Safe From Creditors?

    || 20-May-2014

    In the last few years, the issue of whether creditors can reach retirement funds inherited by individuals who are in bankruptcy proceedings or contemplating bankruptcy, has become a hot topic. In many courts around the country, this has been labeled a "question of first impression", meaning, it is the first time this question has come before such courts. It seems that many courts are now ...
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  • ARE YOU DROWNING IN STUDENT LOAN DEBT?

    || 18-May-2014

    Many clients who come into my office feel that there is simply nothing they can do about their student loan debt. They have been in endless forbearance or deferment agreements but these are not long term solutions to their debt. In fact, this may only increase their debt and make it more unmanageable. If they are delinquent, they have simply come to believe that there is no solution or that they ...
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  • WHY DID MY NEIGHBOR GET A BETTER LOAN MODIFICATION THAN ME?

    || 18-May-2014

    Why Loan Modifications are More Complicated Than You Think Unfortunately, obtaining a loan modification is far from a straightforward process. Putting aside the frustration of actually applying for a loan modification with banks that don't seem to care about you, the question of whether you can get a loan modification and what kind of modification you can get seems to be a mystery. It ...
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  • WHAT ARE YOUR QUESTIONS ABOUT BANKRUPTCY?

    || 3-Apr-2014

    I meet with clients every day and answer many questions during our complimentary consultations and would like to open the floor to answer your questions as well. Please comment on this post and let me know what you are wondering about when it comes to bankruptcy. What questions or concerns do you have? Feel free to comment and I will do my best to answer them! Questions or interested in a ...
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  • COMMON BANKRUPTCY QUESTIONS & ANSWERS

    || 15-Jan-2013

    What is Bankruptcy? Bankruptcy is a legal process in which you ask the Bankruptcy Court to grant you relief from your debts. In order to obtain a discharge of your debts, you need to honest and truthful about what assets you own or may have owned but no longer own, what debts you owe, your income and expenses and what your past financial dealings have been like. There are several types of ...
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  • Ok, so you've decided you need to file for bankruptcy and you're hoping this decision is going to lead to you becoming debt free and able to breathe easy again. The effect of a discharge certainly sounds good. However, what happens in between beginning the process and getting to the final result of obtaining a discharge is a gray area for many people who come to see me. So, I'm going ...
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  • JUDGMENTS- HOW THEY AFFECT YOU AND HOW BANKRUPTCY CAN HELP

    || 12-Sep-2012

    Many individuals come into my office concerned about the fact that they have received a notice from their Sheriff's office or a law firm that a judgment has been entered against them. Often times, this is the first time they have really been made aware of a lawsuit that has been filed against them. Unfortunately, by the time a judgment is issued, the lawsuit has reached its conclusion and the ...
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  • MY BANK ACCOUNT HAS BEEN FROZEN- WHAT DOES THIS MEAN?

    || 11-Sep-2012

    The most common reason individuals in New York experience a restraint on their bank account is because a creditor has obtained a judgment against them and is enforcing it against their bank account. What does this mean in plain English? It means that you have been sued and lost and as a result the court entered a judgment against you for the amount claimed to be due to the creditor. Now, that ...
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  • WHY SHOULD I CONSIDER A CHAPTER 13 BANKRUPTCY?

    || 10-Sep-2012

    A lot of persons who come into my office feel overwhelmed by their debt and cannot imagine trying to do the type of bankruptcy, known as Chapter 13, where they have to make a monthly payment to their creditors. The question that always comes up is, why would I want to file for Chapter 13 over Chapter 7? Strip That Second Mortgage Believe it or not, there are often many benefits to filing for ...
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  • CAN I FILE BANKRUPTCY IF I FILED BEFORE?

    || 10-Sep-2012

    It is possible to file for bankruptcy more than once. Often times, although a person may never plan to file more than once, a person is faced with circumstances where they want to consider filing for bankruptcy again. If you are unsure of whether you qualify for a second bankruptcy discharge, consider the following information. I Would Like to Discharge My Debts But I Filed For Bankruptcy Before- ...
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  • One of the great advantages of a Chapter 13 for homeowners who have lost equity in their homes is that a Chapter 13 bankruptcy permits homeowners to strip the second mortgage off their home where that second mortgage or lien is completely unsecured. In many Chapter 13 Plans, the second mortgage creditor is ultimately paid a small percentage of what it is owed for that debt. The most common reason ...
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  • Did you know that your income taxes for prior tax years could be dischargeable? Many clients are relieved to learn that this is possible and often times the IRS or state taxing authority will be willing to concede dischargeability of certain tax debt in your case. However, whether or not your taxes are dischargeable could also depend on whether you filed your taxes too late or failed to file them ...
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  • Non-Attorney Bankruptcy Petition Preparers- Why Take The Risk?

    || 20-May-2012

    Have you ever considered hiring a bankruptcy "petition preparer" instead of a bankruptcy attorney? Bankruptcy petition preparation services abound, however, there is a vast difference between hiring an attorney and using one of these services and the difference could jeopardize your chances of getting a discharge of your debts. Bankruptcy is not a matter that should be taken lightly and ...
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