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

April 2014 Archives

Credit card interest rates might be sneaking up on you

Nobody plans on getting in over their heads with debt; it just happens. People on Long Island who are wondering why their debt-to-income ratio continues to get worse often have one place they can look to: their credit cards. Not keeping tabs on how much you're paying in interest on your credit cards can very easily lead to a manageable debt amount spiraling out of control.

BANKRUPTCY FILING FEES TO INCREASE JUNE 1, 2014

The Judicial Conference has approved a fee increase effective June 1, 2014.
The fees for filing a chapter 7 case will increase from $306.00 to $335.00.
The fees for filing a chapter 13 case will increase from $281.00 to $310.00
This is a $29.00 increase in the filing fees.
The fees for filing an adversary proceeding will increase to $350.00 (Debtors are not charged filing fees for adversary proceedings).
Chapter 11 filing fees will increase to $1,717.00.

Many watching high court case on how inherited IRAs are treated

Upon the death of a loved one, family members might receive an inheritance, sometimes in the form of an inherited individual retirement account, better known as an IRA. Many people might choose to keep the account in that form with the ultimate goal of saving it for their own retirement. However, there is some uncertainty as to the status of these accounts in terms of how they are thought of by bankruptcy courts. This can be a real issue for people who elect to file for Chapter 7 or Chapter 13 bankruptcy protection.

Americans' average credit card debt may be higher than it seems

There are many ways to gauge the nation's financial health. One of these measures is the average household credit card debt. This is thought to be a good way to view the level of financial health among our country's households across the board. But is this measure really as accurate as it's made out to be?

STATE BUDGET ALTERS NEW YORK ESTATE TAX LAWS

The New York State budget passed on April 1, 2014 includes dramatic changes to the state estate and gift tax laws. Since 2001, the federal estate tax exemption amount (the amount of assets that can be passed to heirs without incurring any estate tax), has risen from $1,000,000 to $5,340,000 while New York State's exemption remained at $1,000,000 per person. Governor Cuomo's 2014-15 budget bill has raised the New York State estate tax exemption amount to $2,062,500 per person immediately with increases over the next 5 years so that the state estate tax exemption amount will mirror the federal exemption, complete with cost of living adjustments, as follows:

Unexpected disasters could be cause for personal bankruptcy

The recent mudslide in Washington state that killed more than two dozen people and injured many more will have a big impact for years to come. Many families lost loved ones, not to mention many treasured possessions, and dozens homes and vehicles were destroyed. The mudslide was tragic for many on a personal level, and the financial heartache that many people are experiencing makes it all the worse.