Jeffrey Z.

Attorney
Member Since: July 24, 2023
Albany, New York

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Summary info

Hourly Rate
$275
State License
NY
Years Practicing
21
Insurance
Yes
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1 Question Answered / 1 Recent Answer
August 15, 2023
A: Bankruptcy is a very large part of my practice. I have had many clients that have attempted to use a debt resolution service without success. Unfortunately, they often pay a substantial amount of money to the service, their debts do not get resolved, they end up in bankruptcy anyway, and they do not get their money back. Aside from the difficulties in successfully completing a debt settlement agreement, there is also a tax issue. Forgiven debt is considered taxable income. You will receive a 1099 from any creditor that accepted a reduced amount to satisfy a debt. The result may be an income tax liability that you were not expecting. Debts that are discharged in bankruptcy are not counted as income.