Bankruptcy

To minimize their own risks, banks, credit unions and other lenders are now trying to be gentle with their borrowers at refinance time. They have been offering deals that sound good at first, such as longer terms, lower interests rate, or lower monthly payments. But...

They bought two taxi medallions as a safe investment for retirement, then leased them out. At first, their expectations, based upon actual experiences of their friends were good. The lease payments they received allowed them to  to pay the loan they had taken out...

The Fair Debt Collection Practices Act (FDCPA) was enacted in 1978 to protect consumers from unscrupulous and abusive collection practices. The act limits certain types of actions collectors can take regarding debts they claim you owe. The Act also allows consumers to...

As the value of medallions drop, owners are worried about possible bankruptcy, losing their livelihood and their homes. Faced with balloon payments, demands to refinance, and requests for mortgages on their homes, all coming from their lenders, drivers are not sure...

Millennials frequently face financial issues for two major reasons: they are entering the workforce during an economic downturn and are often uninformed about how credit works. You may not be able to do anything about the economy personally, but you can take charge of...

New regulations proposed by the Consumer Financial Protection Bureau are expected to bring forth the most significant federal changes governing debt collection in more than 40 years. Many consumers deal with harassing calls and letters from creditors. Fortunately,...

The statistics on bankruptcy may seem alarming, but the reality is that people do not choose bankruptcy - sometimes it is inevitable due to particular life circumstances. If you are confronting financial trouble, we know that it is not because you are irresponsible....

How much will you leave to your children? Retirees commonly find themselves up against a financial paradox: Their medical bills and other living costs increase sharply, as their income and savings diminish over time. For many, this means cutting back on certain...

Tax professionals regularly refer their clients to me to determine if any tax liabilities can be discharged in Bankruptcy. Here are the general rules Sales tax and Payroll taxes that a business withholds are non dischargeable. Income taxes that are not filed are not...

This is a hard question, and the answer is "it depends". Home Equity:  Each owner on a deed is entitled to a "homestead exemption" which is currently $165,500 in NYC. If one joint owner dies, then the survivor will only have one exemption. Thus, if the house has...