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

September 2015 Archives

Student loan debtors may be eligible for bankruptcy

Students in New York may have heard that it is not possible to get rid of student loan debts through bankruptcy; however, this is not necessarily the case. Only since the 1970s have laws been passed restricting an individual's abilities to discharge student loan debt. As student loan debts mount, individuals are increasingly calling for those loans to once again become allowable in bankruptcy proceedings.

Requirements that debtors must meet to file Chapter 13

One option for New York residents who are having trouble repaying their debts is filing for bankruptcy under Chapter 13. This allows them to retain their property while repaying lenders over a three- to five-year plan that is approved by the court. However, the debtors must meet strict requirements to file under this chapter.

Mission Motorcycles files for bankruptcy

New York motorcycle riders may be interested to learn that in early September 2015, San Francisco's Mission Motorcycles, Inc., filed for bankruptcy. The company, which had initially garnered favorable press coverage for its line of electric motorcycles, entered its Chapter 7 filing in the midst a number of lawsuits that pitted one of the company's founders against the firm.

Using bankruptcy to get out from under debt

As many New Yorkers may know, the recent economic downturn took its toll on consumers. Owning a home might be a goal, but having a mortgage that is not payable due to losing a job strains both family relationships and places undue stress on a family. Having an alternative such as bankruptcy might be a way to start over again.