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

May 2015 Archives

Chapter 13 to 7 conversions

Many New York residents who are struggling with debt file for Chapter 13 bankruptcy. This plan allows people to keep major assets, such as their cars and homes, while repaying creditors over a period of 3 to 5 years. In some cases however, circumstances change and a debtor may decide that it is best to convert their bankruptcy to a Chapter 7.

Credit reporting changes may benefit medical debtors

The attorney general of New York reached a settlement with the three most powerful credit reporting agencies whereby the latter will modify the way they report unpaid medical debt. The changes are to be phased in gradually, with full implementation to come in 2018.

The potential financial benefits of filing for bankruptcy

Many New York residents view filing for bankruptcy as a desperate last resort that only those who have exhausted all other options would even consider. However, some financial experts say that the social stigma surrounding bankruptcy is misplaced, and they argue that taking this course of action often makes a great deal of financial sense.

New ruling from Supreme Court about Chapter 13 bankruptcy

New York residents may have read that the U.S. Supreme Court recently issued a ruling regarding the ability to appeal a denial of proposed repayment plans in Chapter 13 bankruptcy cases. Previously, the lower courts had split, with some allowing people to appeal denials and others prohibiting them.