Jeffrey M. Rosenblum, P.C.
A Fresh Start

August 2014 Archives

Obtaining credit cards after filing for bankruptcy

New York residents who have recently filed for bankruptcy protection may want to know what to expect in the future as far as being able to obtain a new credit card. The answer will often depend on a person's credit rating. Lenders, including credit card companies as well as banks and other financial institutions, rely on credit scores to determine a borrower's eligibility and the terms that would apply should credit be granted, including the applicable interest rate.

Understanding Chapter 7 bankruptcy eligibility requirements

New York residents who are struggling with debt may be interested in some information on Chapter 7 bankruptcy and the eligibility requirements for filing. By filing for Chapter 7, a person may get a fresh financial start to their lives.

Tax Court Rules Homebuilders Could Apply Completed Contract Method Considering Common Improvement Costs of Entire Housing Development

"In Shea v. Commissioner the U.S. Tax Court decided in favor of the taxpayer, a developer of planned residential communities, and allowed the taxpayer to defer the recognition of income from the sale of homes under its completed contract method of accounting for long-term home construction contracts until 95% of the costs of the development were incurred. That is, in applying the "95% completion" test, the subject matter of the contract was considered to be the entire development or phase of a larger development and not each individual house and lot. Thus, the allocable costs attributable to the subject matter of each contract included the costs of common improvements and amenities of the development, in addition to the costs of the house and lot. This decision addresses a long-standing controversy in this area and could help other builders and developers that currently are using the completed contract method to defer income related to home construction projects."

Exploring the advantages filing for a Chapter 13 bankruptcy

Long Island residents who are struggling to make payments on their credit card debts or mortgage may be interested in how a Chapter 13 bankruptcy can help. This bankruptcy type has many advantages and allows manageable payments to be made over a period.

Timing aspects of bankruptcy proceedings

New York residents contemplating bankruptcy may want to learn more about the timing aspects of a bankruptcy filing, such as the discharge date or how long bankruptcies stay on a credit report. The discharge date is dependent on the type of filing. For a Chapter 7 bankruptcy, which is a liquidation, the discharge date generally occurs about four months after the bankruptcy petition is granted.