Presumption of Abuse in Chapter 7 Bankruptcy
In order to properly file for Chapter 7 bankruptcy a debtor must first qualify for Chapter 7 as determined by the U.S. Bankruptcy Code. Additionally, in 2005 Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) that requires debtors to submit their income to a means test before they can qualify for a Chapter 7 filing. The means […]
Seven Deadly Sins in A New York Chapter 7 Bankruptcy Filing
To qualify for relief under Chapter 7 of the United States Bankruptcy Code, the filing debtor in New York needs to be an individual, a partnership, a corporation, or other business entity. No matter who you are, whether a doctor, corner coffee shop owner, or big name corporation, filing for chapter 7 bankruptcy can provide you […]
Bank Levy in New York City
Imagine getting a letter in the mail informing you that your mortgage payment has been rejected by your bank for insufficient funds. This may be because your bank account has been levied by another creditor whom you owed money. Unfortunately, in days past, New York banks automatically froze bank accounts rendering them useless for the […]
Medical Bills and Bankruptcy
Your medical bills can be eliminated through bankruptcy One of the leading contributors to bankruptcy is medical debt. Numerous New York residents have been laid-off and cannot afford to purchase health insurance. Even those who have health insurance, routinely incur enormous co-payments due to an accident or major illness. Many times, the medical care costs […]
Dealing with Tax Lien Issues in New York
New York City residents have federal and state tax obligations. If you don’t pay your taxes, you are subject to penalties including an Internal Revenue Service lien. A lien is not the same thing as a levy. A lien simply secures the government’s interest in your property, which means that it can take your property […]
