Blog Posts in 2016

Will Bankruptcy Eliminate My Outstanding Taxes?

A common misconception about bankruptcy is that a person will not be able to discharge their tax debts. This is untrue! While most outstanding tax debts will indeed still need to be repaid, old income tax debts can be sometimes be eliminated when filing for Chapter 7 bankruptcy. In order for tax debt to be discharged, it must: Be income based Be at least three years past due Have been filed at ...

Credit Cards & Bankruptcy: What You Need to Know

One of the most widespread fears about filing for bankruptcy is the misguided notion that a person will never be able to get a credit ever again and that their credit score will be permanently ruined. This is completely false! If you should ever file for bankruptcy, you can start to rebuild your credit and obtain a credit card almost immediately. While your access to certain cards will be limited, ...

Will I Lose My House and Assets During Bankruptcy?

One of the greatest misconceptions regarding bankruptcy is that filing will cause a person to lose their home and assets. Contrary to popular belief, New York offers people who file for Chapter 7 bankruptcy certain exemptions that allow them to protect their home and certain assets from creditors. Depending on the specific county, a person is allowed to protect their house, condominium, mobile ...