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

August 2015 Archives

Debt settlement strategies for New York debtors

Whether or not an individual is good with money, he or she is likely to experience financial problems at some point life. However, there are options to get out of debt without doing unnecessary long-term damage to a credit score or history. The first option is to offer a lender a lump sum payment to settle the debt.

The impact of interest rates on bankruptcies

Many New York residents have felt the effects of the upturn in the national economy since the 2008 recession. The unemployment rate has fallen in many parts of the country, and one result of that has been that the number of people filing for bankruptcy has fallen as well. U.S. Bankruptcy Court data reveals that there was a 12-percent decline in consumer bankruptcy filings for the 12-month period ended June 30, 2015, compared to the same period of a year earlier. The United Kingdom has seen the bankruptcy rate steadily decline as well. However, many analysts fear that this may soon be changing.

Filing a bankruptcy and debt collection efforts

New York residents struggling to cope with an unmanageable financial situation are likely familiar with the sometimes dubious practices of debt collectors. Collection agencies are notorious for their relentless pursuit of unpaid bills, but they are required to operate within boundaries established by the Fair Debt Collection Practices Act. When collection efforts breach these rules, debtors may file a complaint with the Federal Trade Commission.

Interest rate increases could impact bankruptcy filings

As New York households recover from the financial challenges of the recent recession, bankruptcy filings have begun to decline. One factor that has helped the nation to regain its financial footing is low interest rates, which have been maintained at 0.25 percent since the end of 2008. Discussion about the Federal Reserve potentially raising these rates in the near future has some analysts concerned about the probable consequence of increased bankruptcy levels.