The different options available to file for bankruptcy can be confusing. As an individual, you may find that some options are only for businesses, and vice versa. However, if you operate a sole proprietorship, you may find that there are many more options available to...
How difficult is it to rebuild credit after bankruptcy?
If you are one of the millions of people who recently went through bankruptcy, you are now ready to begin your new financial life. Unfortunately, you had to give up all your credit cards as part of your bankruptcy. Therefore, reestablishing your credit probably...
What happens to your retirement benefits during Chapter 7?
One of the best ways to prepare for personal bankruptcy in New York is to understand what will happen with your assets. Depending on your situation and the unique circumstances that ultimately resulted in filing for bankruptcy, what happens to your assets could look...
Business owners can use Subchapter V to protect their homes
Many business owners borrow against their home and use personal credit cards to build and prop up their businesses. New Bankruptcy Chapter helps protect personal assets while business gets time to stabilize
Can I qualify for personal bankruptcy?
Hidden issues dealing with Eligibility, obtaining a Discharge, protecting your House, and protecting your family and friends from suit by a bankruptcy trustee, must be identified before you file for bankruptcy.
Discharge of back income taxes gives stockbroker back his life
Stockbroker could never escape past mistakes of failing to pay taxes from years ago. Each year the debt increased and he felt helpless to solve the problem. A properly timed bankruptcy filing discharged the oldest taxes and gave him new life.
Strategies to rebuild a business after bankruptcy
Many business owners know that filing for Chapter 11 does not spell the end of their company. However, they may wonder what steps they should take to rebuild their business. There are several actions that can help business owners recover from bankruptcy. Performing...
Meet your trustee along with creditors at the 341 meeting
The 341 meeting, or meeting of creditors, is an important stop on your road to a debt-free financial future. If you file for Chapter 7 or 13 bankruptcy protection, you must attend this short but informative meeting and provide answers to some essential questions. ...
The benefits of filing Chapter 7 bankruptcy before divorce
Financial troubles and marital issues often occur in tandem, making many New York residents wonder if it’s better to file divorce or bankruptcy first. If it looks like both are on the horizon, you can take steps that help you complete each process as smoothly as...
Automatic stay: What you should know?
If you are currently struggling with overwhelming credit card, medical or mortgage debt, you know first hand the difficulties of dealing with harassing creditor’s calls. Once you have missed a payment or have fallen behind on financial agreements, creditors often...
4 potential benefits of a revocable trust
A revocable trust is a legal instrument that can dictate how a person’s property is managed and distributed during their lifetime or after they have passed away. As with the majority of legal tools, there are both positive and negative aspects to a revocable living...
What do you know about discussing your end-of-life desires?
While you understand the importance of planning your estate and drafting all the documents, you may struggle to discuss your end-of-life desires openly. How do you bring up the matter with your family and friends? AARP offers tips for sharing your estate plans with...
Don’t overdo the “dead-hand controls” on your trust
Trusts have become an increasingly useful financial tool for people who want to safely pass their wealth onto the next generation. So-called “conditional” trusts, which impose certain obligations on would-be beneficiaries to receive their funds, are particularly...
A spendthrift trust may provide needed asset protection
A spendthrift trust includes specific provisions regarding how a trustee may use its funds on behalf of the named beneficiaries. As noted by SmartAsset, the trustee may exercise broad discretion to spend money on an heir's expenses so that he or she can maintain a...
Here’s why a DIY-estate plan is a bad idea
Creating an estate plan is one of the most important things you can do to safeguard your future, your assets and your loved ones. A well-written estate plan gives you peace of mind knowing that your wishes will be honored when you pass on, or if you become...
Is this a sign of nursing home neglect?
Hearing the many news stories focused on abuse or neglect at nursing facilities likely leaves you feeling concerned for your own loved one. Unfortunately, it is impossible to determine where or when neglect may occur. Noticing red flags can help you react quickly if...
What’s the difference between Medicare and Medicaid?
The “Baby Boomer” generation is getting older and starting to investigate their healthcare options. If you're among that group, you may be wondering exactly how Medicaid plays into your future plans -- and how its relationship with Medicare works. Since 1964, the...
Think of succession planning when starting your business
In the excitement of getting your new business up and running, it is difficult to think of everything you need to do. Succession planning may not be part of your checklist at this point. However, if you have partners, shareholders and employees, there is no time like...
Involve a professional during Medicaid planning
Most people overlook the need for planning for long-term care. Unfortunately, the problem with this kind of thinking is your health can change, especially as you advance in age. No one can project how their health will be in the future. That said, nearly two-thirds of...
Why do inheritance disputes happen?
Knowing that you have planned your end-of-life affairs can remove some of the angst of growing older. Naming beneficiaries and having the peace of mind that those you care about will receive your assets can provide satisfaction and comfort. Despite your best efforts,...
