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

Chapter 7 Archives

Why are bankruptcy rates on the rise this year?

The number of personal as well as business bankruptcies in the U.S. has been increasing recently. There were 5% more filings in July of this year than in June. There were about 1,000 more consumer bankruptcies during the first seven months of this year than the same period in 2018, according to the American Bankruptcy Institute.

Owners of New York debt collection companies agree to settlement

On July 25, the U.S. Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (AG) announced that they had fined three New York-based debt collection companies and their owners over $60 million for illegally inflating consumer debts and barred them from further debt collection activity.

What are your options if you're behind on credit card bills?

Younger and older credit card holders are increasingly falling behind on their payments, according to the Federal Reserve Bank of New York. While credit card delinquencies are lower overall than they have been in the past, they've been rising during the past two years -- particularly for people under 30 and over 60.

Unexpected expenses result in the majority of bankruptcy filings

A new report recently published by MarketWatch shows that the number of bankruptcy filings has significantly declined in the past 10 years. In fact, they've reached the lowest rate that they've been since the Great Recession back in 2008. U.S. Court data reveals why most people are pursuing this type of debt relief.

32% of Chapter 7 bankruptcy filers have student loan debt

The financial institution LendEDU published a report earlier this month that sheds additional light on what may be motivating many individuals to file for Chapter 7 bankruptcy nowadays. They found that student loans may be one such factor.

Why is credit card debt increasing among young Americans?

Those who study consumer debt had been expressing optimism in recent years over young adults' seeming aversion to taking on credit card debt and consumer loan products. Millennials and those in the group following them (Generation Z) were doing better than their parents' generation at staying out of debt.

Why consolidation loans can leave people in greater debt

When people are deep in debt, trying to juggle payments to a multitude of credit card companies and lenders each month in addition to paying their basic living expenses, the idea of a "consolidation loan" can be very attractive. Why not take out yet one more loan offered at a low-interest rate and use it to pay off all of your other bills?

Student loan debt and bankruptcy: Are changes on the horizon?

Student loan debt has risen significantly in recent years. Proposals for helping Americans deal with their crushing debt and even canceling some debt are being discussed by people who have entered the 2020 presidential race, like Sen. Elizabeth Warren.

Debt collectors may soon have more tools at their disposal

Back in the day, if someone owed money to a creditor, they may have received seemingly relentless telephone calls from collection agencies. Now, many people don't have landlines and may not even answer cellphone calls. Younger people, especially, are more likely to communicate via text.