It's not unusual for marriages to suffer as the result of serious financial issues. What happens if a married couple has filed for Chapter 13 bankruptcy and later decides to divorce? Chapter 13 allows people to reorganize their debt rather than having to sell their...
Month: January 2017
Billions still being lost in tax fraud and identity theft
The Internal Revenue Service has taken a considerable number of steps in the past few years to combat tax fraud and identity theft. Losses due to fraud in 2013 and 2014 totaled nearly $9 billion. These added precautions will cause a number of refunds for low income...
‘Taxi King’ facing jail over Chapter 7 disputes
The phenomenal growth of ride share services such as Uber and Lyft has had a serious impact on the taxi industry in New York City. Even the so-called "Taxi King" of New York, Gene Friedman, has seen the collapse of his empire. Freidman, who owned more medallion taxis...
Getting a fresh start with Chapter 7 bankruptcy
Many people resist filing for bankruptcy because they're concerned about the stigma that's still attached to it, not to mention how it will impact their credit rating and their ability to obtain loans. However, one attorney who has written about her past personal and...
Four tips to avoid a tax audit in 2017
Getting mail from the Internal Revenue Service (IRS) is enough to give anyone heart palpitations. If this letter is sent to inform the recipient of a potential audit, those heart palpitations can turn serious. All joking aside, dealing with the IRS is a serious...
Common, avoidable tax errors can have serious costs
Many taxpayers rely on electronic software or a professional tax preparer to help them complete their income tax returns. However, in order for your return to be free of errors, you still must provide the correct information. As they say, "Garbage in, garbage out."...