TIPS PROPERTY OWNERS SHOULD CONSIDER WHEN CONTRACTING THEIR NEXT PROJECT So far this year there have been numerous construction-related bankruptcy filings. The following are some tips to protect yourself from contractor distress and bankruptcy filings. First, identify events of default or notice events that can indicate a contractor’s distress. Consider including a provision in the…
CANCELLATION OF DEBT INCOME You owe money. Then the debt gets cancelled. There is a risk that the cancelled debt will be treated as income to be included in your gross income that forms the basis for your income tax liability. Debt cancellation is becoming more common as this economic crisis grows. Unpaid purchases, credit…
THE PANDEMIC AND YOUR FINANCES Many of us have been financially impacted by the Coronavirus pandemic. There has been a lack of income due to loss of jobs, company layoffs and non-essential businesses being closed. Rent and mortgages are due, monthly bills are stacking up, spending has increased, and credit cards have been maxed out….
CHANGES TO THE BANKRUPTCY CODE PROVIDES TIMELY RELIEF TO SMALL BUSINESSES Small businesses are the driver behind the Hudson Valley economy, but many are struggling to survive during the current Covid-19 pandemic. A recent US Chamber of Commerce poll showed that half of small businesses only have enough cash on hand to survive for one…
SMALL BUSINESS THREATENED It has always been a challenge for the small business person to develop and operate the business of their dreams. Regulations, big box and on-line competition, demanding credit sources and long hours are the price entrepreneurs pay for independence. Now on top of those forces has come the Covid-19 plague and society’s…
PRO’S AND CON’S OF BANKRUPTCY CHAPTER 7 DURING COVID-19 With many families already struggling to pay their bills, the Coronavirus pandemic is likely to result in a record high number of bankruptcy filings[1]. Even with direct payments from the federal government, a lot of people will be forced to borrow heavily from credit cards to…
CORONAVIRUS RESOURCE PAGE For the past several months, the firm has remained fully operational and continued to provide seamless, high quality legal services to our clients. As we move forward, we want our clients to know that our full-service team is available to provide you with the assistance you need in whatever format makes the…
Drivers Licenses Suspended for Non-Payment of Taxes Taxpayers in New York can face a driver’s license suspension if the taxpayer owes $10,000 or more in taxes, penalties, or interest, and no resolution has been made to resolve the tax debt. When New York State identifies delinquent taxpayers, it sends a notice informing them that they…
PRO’S AND CON’S OF FILING CHAPTER 7 BANKRUPTCY Chapter 7 is the most commonly filed bankruptcy proceeding due to the fact that many people are drowning in credit card debt, medical bills and/or personal loans just to name a few. Robbing Peter to pay Paul has left both Peter and Paul broke. There are numerous…
