The United States is drowning in medical debt. According to the Kaiser Family Foundation, Americans owe more than $200 billion in medical debt. Four in 10 Americans have some form of medical debt. Half of that debt is on our credit reports, according to the Consumer...
New York Tax, Bankruptcy & Business Law Blog
Should I consider filing bankruptcy during a divorce?
The marriages of many Long Island couples suffer under financial distress. Many might even think that financial problems and divorce go hand-in-hand, although of course martial problems are usually complicated and have many causes. Because so many New Yorkers with...
Is Chapter 11 bankruptcy the best option for my small business?
In New York, Chapter 11 bankruptcy is frequently viewed as an option for large companies that are experiencing widespread financial challenges. It offers businesses various strategies to get on stronger financial ground while staying in operation. For many, Chapter 11...
New law changes Chapter 13 bankruptcy landscape
A recent change to the bankruptcy code could increase the number of filings by expanding protections to self-employed persons. President Biden recently signed legislation that extends by two years the debt limit for individuals filing under Chapter 13, also known as...
How Chapter 11 can help a business
If you own a struggling business, you want to consider all your options to get back on track and possibly return to profitability. One option is Chapter 11 bankruptcy. Chapter 11 protects your business from creditors while allowing you to reorganize and continue to...
Can paid-off medical debt still hurt my credit?
For those with medical debt, you know the debt struggle is real. Every day, you face that mountain of medical bills, in addition to all of your other debts. Every dollar that goes to that medical debt is another dollar out of the family budget. And, after you finally...
What is the Chapter 7 “means test”?
Financial calamity can fall on just about anyone. All it takes is a single medical bill, car repair or layoff that makes it difficult for you to make ends meet financially. If these hardships go on long enough and you do not have the financial resources to pay back...
Here’s what bankruptcy cannot do for you
There are a lot of misconceptions out there about the bankruptcy process. Although it is one that can provide very real debt relief, a lot of people think that it will forever mar their credit report and leave them without the financial resources that they need to...
Tips for dealing with the mental impact of bankruptcy
Personal bankruptcy, especially Chapter 7 bankruptcy, can give you the fresh financial start that you need and deserve. But the process can be tricky to navigate, not only from a legal perspective but also from an emotional one. After all, those who seek bankruptcy...
Understanding Chapter 7 bankruptcy exemptions
Many people are afraid that in a personal bankruptcy, they will have to give up everything they own. Fortunately, this is not the case. Chapter 7 bankruptcy does require the debtor to surrender some assets, but there are many exemptions. These exemptions mean that...