Filing for bankruptcy as a business can be confusing. New York residents who operate entities may wonder what tax obligations they have while their bankruptcy matters are pending. The Internal Revenue Service provides useful information on how business owners can approach and address their tax requirements under Chapter 11 bankruptcy.
Choosing to file for personal bankruptcy is a difficult process that a person should not take lightly. Though bankruptcy can provide a New York resident with the opportunity to eliminate or reorganize his debt into a manageable sum, there are many important issues to consider before signing a bankruptcy filing and seeking bankruptcy protections. One of those considerations is the classification of debts as dischargeable or nondischargeable.
Almost nothing about filing for bankruptcy is easy. A New York resident may struggle with the decision of whether to file for a considerable about of time before starting the process. Once the paperwork is completed and the filing is offered, he may find himself waiting and working hard to find a reasonable solution to his financial troubles. Even then, after believing he did everything that he had to do to complete the process, he may find that his request for bankruptcy protection is denied.
It can only take one life-altering event -- perhaps a sudden and expensive illness, a job loss or the death of the family breadwinner -- to cause a person's finances to take a hit, making it difficult to meet their financial obligations. One of these obligations for many in New York is making monthly payments for an automobile. Unfortunately, if you fail to make these payments, your creditor may attempt to repossess your car.