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

Posts tagged "Chapter 13 bankruptcy"

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.

Individuals in bankruptcy could walk away from a home

A New York resident who is currently going through a bankruptcy or someone who is considering bankruptcy as an option may want to know if they can walk away from a home during the proceedings. While it is sometimes possible to do so, there are many considerations homeowners who are in bankruptcy need to take into account before they can stop making their mortgage payments, including the type of bankruptcy that is involved.

Groups of people who may benefit from bankruptcy

Making the decision to file for personal bankruptcy should not be taken lightly. Declaring bankruptcy can have long-term financial consequences. However, for some New York residents, it can make funds available to take care of necessary expenses. Some of the people who may benefit the most from bankruptcy are couples who were recently separated or divorced, senior citizens and the unemployed.

A look at the differences between personal bankruptcy types

Long Island residents who are struggling to pay bills and have overwhelming consumer debt may be interested in some information about the types of personal bankruptcy available. Depending on a number of factors, one of the two types of bankruptcy may be appropriate for their particular situation.

Removing second mortgage liens during bankruptcy

New York residents who are facing overwhelming debt from first or second mortgages may be interested in one way to find debt relief. One specific legal process may allow a homeowner to remove a lien on their home that is held by the second mortgage creditor.

Personal bankruptcy

Levels of personal debt are high across the nation and many New York residents may be struggling with debt problems. For many people who are searching for a solution to debt problems, debt relief services may seem like an attractive option. However, many of these services encourage customers to file for bankruptcy while labeling their services "debt relief." Bankruptcy is an effective option for dealing with debt but it may not be the best choice for everyone.

Cancer treatment and medical debt

According to findings from several studies, nearly 33 percent of cancer survivors in New York and around the country say that they have suffered financial hardships due to their illness. The American Society of Clinical Oncology says that younger patients tend to suffer the most from these hardships. Furthermore, these hardships may last for several years after receiving treatment even if a patient has insurance.

Timing aspects of bankruptcy proceedings

New York residents contemplating bankruptcy may want to learn more about the timing aspects of a bankruptcy filing, such as the discharge date or how long bankruptcies stay on a credit report. The discharge date is dependent on the type of filing. For a Chapter 7 bankruptcy, which is a liquidation, the discharge date generally occurs about four months after the bankruptcy petition is granted.

Debt stats New York residents should know

According to a study released on July 29 by the Urban Institute, 35 percent of Americans have debt that has gone to collection. The study reportedly looked at 7 million credit profiles and found that a large number of those in debt lived in southern states such as Georgia, Kentucky and Alabama. For an account to go into collections, it has to be 180 days or more past due.

Small unpaid bills can hurt New York residents

According to Equifax, there are more than 200,000 accounts in collections for an outstanding debt of less than $100. Moreover, these little debts often go overlooked until it is time to purchase a car or apply for a mortgage. In many cases, these balances aren't taken care of because the person who owes the money doesn't even know about the debt.