One of the biggest misconceptions when it comes to filing for bankruptcy is that the filer is financially irresponsible. Long Island residents may hesitate from filing because they don’t want to appear as if they cannot resist the temptation to use their credit cards...
Firm News
Chapter 7 bankruptcy exemptions and how they protect filers
Chapter 7 bankruptcy allows the filing party to enjoy a fresh financial start but does not require them to start from scratch. Chapter 7 bankruptcy exemptions provide important protections for filing parties to be familiar with and understand how to take advantage of....
Debtor obligations when filing Chapter 13 bankruptcy
When filing for Chapter 13 bankruptcy, debtors may expect the courts to remove all financial obligations to creditors. Though bankruptcy helps minimize or erase some of these debts, Chapter 13 does not discharge all obligations. In addition to repaying creditors,...
What will 2020 show us about bankruptcy and financial recovery?
Bankruptcy is a path to debt relief often used by individuals and businesses in times of prosperity as well as calamity. The year 2020 has dealt tough blows to many families and businesses for reasons that nearly all Americans understand all too well. Many may be...
Three options to resolve tax debt
Unpaid taxes can be a serious financial issue. In addition to adding penalties and interest to the amount you owe each month, the IRS may use aggressive methods to secure payment. Paying back taxes often becomes a priority, especially when the IRS decides to garnish...
Independent Contractor Alert For Covid 19 Loans
The SBA released an Interim Final Rule regarding eligibility criteria for self-employed individuals on April 15, 2020. This rule is to supplement the other guidance that has been issued to date. Funding is limited andfor this reason we recommend submitting a loan...
How the Coronavirus Aid, Relief, and Economic Security (CARES) Act affects your payroll
What is the CARES Act? The CARES Act is federal legislation designed to offset the impact COVID-19 has had on the U.S. workforce and economy. It was signed into law on March 27, 2020. The new law infuses $2 trillion into the U.S. economy through a combination of...
CARES Act Expands Eligibility Under the Small Business Reorganization Act: What Distressed Small Businesses and Their Creditors Should Know
The Coronavirus Aid, Relief and Economic Security (CARES) Act temporarily expands eligibility for “small businesses” to reorganize under chapter 11 over creditor objection under a new law that streamlines chapter 11 reorganizations Subchapter V modifies or eliminates...
COVID-19 — Navigating the impact on your business
The spread and response to COVID-19 had had a significant impact on businesses, including the contracts you signed before the epidemic started. Unfortunately, there can be disastrous consequences when government orders and health precautions keep you from fulfilling...
Are you worried about losing assets in bankruptcy?
For a long time, you may have tried to ignore your money issues or thought that you would be able to handle them on your own. Each time you missed a payment or incurred another fee, you may have told yourself that you would make up for it next month. Unfortunately,...