Jeffrey M. Rosenblum, P.C.
A Fresh Start

March 2013 Archives

New York falling behind as U.S. recovers from foreclosure crisis

New York homeowners are still struggling with mortgage payments even as the nation appears to be slowly recovering from the burst of the housing bubble. Nationwide, foreclosures fell 29 percent in February from their level a year earlier, according to RealtyTrac. They also fell 11 percent from January's level. Foreclosure rates now stand at their lowest level since 2007.

Officials warn of payday loan "debt trap"

Consumer advocacy groups in New York and across the country have long warned of the "debt traps" posed by payday loans. Certain practices by short-term lenders, they say, are designed to send borrowers who really need debt relief into a spiral of debt. Now, federal investigators may be preparing to take action against some of the most controversial lender practices.

BBQ joint on Bay Shore closes after bankruptcy filing

A commercial bankruptcy has different financial implications than an individual bankruptcy. However, creditors in a business bankruptcy may still seek out personal assets when they back business debts. The following Chapter 11 bankruptcy illustrates how a business may be forced into bankruptcy, even when it has a large number of customers.