The Internal Revenue Service has issued new guidance and streamlined procedures for spouses who are seeking equitable relief from joint income tax liability. Revenue Procedure 2013-34 provides the threshold requirements for any request for equitable relief and sets...
Month: October 2013
Medical expenses can result in overwhelming debt
Many people on Long Island, New York believe in the old adage that says health is wealth. However, rising medical costs can be a serious issue that can land a person in a pile of debt. In a report by the National Patient Advocate Foundation in the United States nearly...
Bankruptcy can eliminate debt, problems with collectors
On Long Island, New York, it can sometimes be difficult to address the financial needs of the family. When unexpected financial expenses such as medical bills strike, many New Yorkers have no choice but to take out a loan. For families with limited income, staying...
The benefit of Chapter 7 bankruptcy during the Great Recession
Many Americans, including those from Long Island, New York, have been struggling with their personal finances since the Great Recession. The Great Recession began in 2009 and many people are still dealing with financial challenges due to unemployment, debts and the...
Relief from credit card debt with Chapter 13 bankruptcy
Whenever the topic of bankruptcy is brought up, most people, including people on Long Island, New York, assume that it has something to do with having no money. However, personal bankruptcy, such as Chapter 13 or Chapter 7, can actually save them from unexpected...