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

Chapter 13 Archives

Not just federal employees are unprepared to miss a paycheck

During the recent federal government shutdown -- the longest in history -- Americans saw and heard seemingly endless heartbreaking stories of people whose lives were thrown into chaos because they missed one paycheck and then a second. Even though the shutdown ended after just over a month, many federal employees weren't certain when they'd see the money that they were owed. Some contractors, depending on the terms of their contract, may never be paid for that period.

Important advice from a New York bankruptcy judge

If one of your New Year's resolutions is to get your debt under control, a bankruptcy judge in New York's Northern District has some valuable advice. She notes that while sometimes the events that lead to bankruptcy are outside people's control -- like a job loss or an illness that results in exorbitant medical bills -- many of the factors that lead to bankruptcy filings are controllable.

What does the latest interest rate hike mean for your debt?

The Federal Reserve has raised interest rates four times this year and nine times in the past three years. The latest rate hike of a quarter percentage point was just announced. While that's good news for people who have interest-earning accounts, it's troubling news for people with credit cards, home equity lines of credit, adjustable-rate mortgages and other types of debt with variable interest rates.

How do you know it's time to consider bankruptcy?

Determining whether to file for bankruptcy is one of the most difficult decisions many people make. Bankruptcy should be a last resort, as it will impact your credit for a number of years. However, it will help you get a fresh start financially.

Why are seniors increasingly opting for bankruptcy?

The number of senior citizens filing for bankruptcy has increased by more than 200 percent in less than three decades. Social scientists who have studied this phenomenon point to a number of factors, including the rise in health care costs and a decline in pension income.

What is a 'wage earner's plan'?

If you're considering filing for bankruptcy, then you may have heard the terminology "wage earner's plan" thrown about. This phrase is just another name for a Chapter 13 bankruptcy. It's a simple way of describing what's involved in filing for this type of debt relief.

Chapter 13: The automatic stay stops most collection attempts

Making the decision to file a Chapter 7 or a Chapter 13 bankruptcy is difficult. One of the most powerful elements of bankruptcy that helps people make this decision is the promise of an automatic stay. This means an almost-immediate cessation in collection attempts made by your creditors. Most people find that once creditors stop their collection attempts, they feel better about moving forward with bankruptcy.