Blog Posts in 2017

  • Chapter 7 Bankruptcy in New York - Understanding the Exemptions

    || 11-Dec-2017

    Chapter 7 bankruptcy is also known as liquidation bankruptcy. It uses a debtor’s non-exempt assets to pay creditors, and the debtor can avoid having to create a repayment plan. While giving up property to pay debts may seem like a poor alternative, the bankruptcy exemptions allowed in New York offers exemptions that allow debtors to hold onto some of their property. Depending on the ...
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  • A lof of people may wonder if they can start their own business or open an LLC or other business entity once they have received a bankruptcy discharge and their bankruptcy case is over. The answer is yes. Your prior bankruptcy case or discharge does not by itself, prevent you from starting a business. However, there may be some residual impact from your bankruptcy case on your ability to move ...
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  • 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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