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

March 2017 Archives

Debts leftover following Chapter 7 New York bankruptcy

Filing for bankruptcy is always the last resort for people who have built up debt. Most people like to rule out all other options first before making the decision to file. Chapter 7 bankruptcy in New York is not much different from other states as there will be debts leftover from the filing.

Going somewhere? Not if the IRS has its way

Did you get your letter yet? No, not the announcement that you have won a million dollar sweepstakes. The Internal Revenue Service plans to send letters soon notifying certain taxpayers that the agency has certified their delinquent debt. If you are seriously behind on your taxes, this may not be a surprise to you. However, you may not realize that a recently passed law allows the IRS to take drastic measures to claim the money it says you owe.

Defining a straight bankruptcy in New York

Bankruptcy is not a comfortable discussion to have for an individual or a business, which is why it is not a decision that should be made lightly. There are two types of bankruptcy that individuals and businesses have to choose from: Chapter 7 and Chapter 13. There are big differences between the two, but today the focus is on Chapter 7 and straight bankruptcy.

Reasons why Chapter 13 is the better option for bankruptcy

If you are leaning towards filing for bankruptcy, Chapter 13 will more than likely be the better option for you in New York. Chapter 13 has a lot of benefits that Chapter 7 does not have. It is also a form of bankruptcy that allows you to reorganize your debt, save your home from foreclosure, pay certain debts outside of the filing and file if you make too much money to file for Chapter 7.

Filing bankruptcy is one step on the road to financial freedom

When you are in debt over your head, life can be difficult. Answering unknown phone numbers or hearing your phone ring might give you anxiety. Even checking your mail can be a source of stress. All of this is because bill collections are likely contacting you on a regular basis. Some of these contacts might be forceful. We know how difficult this is to deal with.