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

Posts tagged "Chapter 7"

5 potential reasons for bankruptcy

Bankruptcy does not always happen the way you assume. There are many reasons people get into financial trouble, some of which they have no control over themselves. It is important to understand these reasons as you consider all of your options.

Bankruptcy assistance helps you avoid tax evasion allegations

Both Chapter 13 and Chapter 7 bankruptcies give New York residents a clean slate upon which to build a secure financial future. A Chapter 7 filing can also help debt-strapped people get out from under some of their tax obligations. This is a perfectly legal approach to discharging or minimizing tax debt, as long as the government does not believe that you are attempting to evade your tax obligations unlawfully.

Chapter 7 bankruptcy, exploring the consequences

For most people, the thought of filing a Chapter 7 bankruptcy is frightening. The process is shrouded in a great amount of negativity, and although some of the negativity is true, some of it is false. We have found that once people weigh the negative consequences against the positives, most of them feel better about the prospect of a Chapter 7 filing.

What are your tools of the trade?

If you declare bankruptcy, one of the things you may naturally worry about is how that filing is going to impact your ability to earn a living. You know that Chapter 7 means liquidating assets. However, are you going to have to sell the tools you use to make a living right now?

How can I get out from under a mountain of medical debt?

If you're a Long Island resident who is contemplating filing for bankruptcy, your debts may have accrued from many sources. Credit card debt, personal loans and student aid obligations can all take a huge chunk out of your disposable income.

What are the top financial errors people make?

Financial mistakes are pretty common. As much as everyone wants to be in control of their finances, life has a way of getting out of control. Sometimes, it just takes one small mistake. Other times, a series of chronic mistakes cause the problems. What are some of the most common errors people make? A few are listed below: