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

November 2014 Archives

Misconceptions about bankruptcy

Due to some common misconceptions about bankruptcy, many New York residents who could benefit from filing do not. Many believe that bankruptcy is an expensive process that will drag on for years and leave them without anything to their names. However, if completed correctly, filing for bankruptcy can be the thing that puts a families back on track financially.

IRS clarifies application of one-per-year limit on IRA rollovers, allows owners of multiple IRAs a fresh start in 2015

The Internal Revenue Service today issued guidance clarifying the impact a 2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs. The clarification relates to a change, announced earlier this year, in the way the statutory one-per-year limit applies to rollovers between IRAs. The change in the application of the one-per-year limit reflects an interpretation by the U.S. Tax Court in a January 2014 decision applying the limit to preclude an individual from making more than one tax-free rollover in any one-year period, even if the rollovers involve different IRAs. Before 2015, the one-per-year limit applies only on an IRA-by-IRA basis (that is, only to rollovers involving the same IRAs). Beginning in 2015, the limit will apply by aggregating all an individual's IRAs, effectively treating them as if they were one IRA for purposes of applying the limit.

Same-sex NY couples subject to federal bankruptcy laws

When same-sex couples in New York decide to file for bankruptcy, their legal obligations and rights may be dependent on the nuances of multiple laws. In addition to needing to adhere to state and territory regulations, these couples often rely on standards set by national bodies like the United States Trustee Program to learn how the Bankruptcy Code and Rules will affect their particular situation.

Dealing with credit card debt

Many New York residents know that credit card debt can become overwhelming. Using a credit card wisely, authorities say, is a way to purchase what is needed even when cash is low. The importance of knowing and restricting purchases to an amount that is repayable makes the difference between good buying habits and crushing debt.