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

Chapter 7 Archives

7 types of debt that last after bankruptcy

Bankruptcy can absolutely help you get rid of debt. Chapter 7 eliminates what you owe after assets are liquidated and as much debt as possible is paid back. For instance, you may owe $50,000 and have $10,000 in nonexempt assets. The other $40,000 is forgiven.

Not paying taxes could turn Chapter 13 into Chapter 7

You filed for Chapter 13 bankruptcy because you're still earning money, working as an independent contractor, and so you wanted to pay off your debt over three to five years instead of liquidating your assets. You like the idea of keeping what you own.

The strange negative stigma in bankruptcy cases

Unfortunately, despite the fact that it is simply a legal financial option, bankruptcy often carries a negative cultural stigma. This is a curious development, as bankruptcy does not hurt the peers of a person filing in any sense, but the stigma remains.

Debt can build without warning quite quickly

Debt is something that almost every American will have to deal with at one time or another in life. Whether it's student loan debt, a mortgage, credit card debt, a car loan, a boat loan or any other type of loan; debt is almost unavoidable. It's necessary for people to go into some form of debt in an effort to live their lives. But, debt can begin to build quite quickly to the point where you are swimming in it and see no way out of it.

What debts may a Chapter 7 bankruptcy eliminate?

Chapter 7 is the most widely available form of bankruptcy, offering those who face debt they cannot get under control the opportunity to unload some of it in return for surrendering some types of property and submitting to a few restrictions on borrowing for several years. While this form of bankruptcy is often the most difficult to undergo because of property forfeiture, it is also available with fewer requirements than other bankruptcy options.

Common financial challenges faced in today's world

It's not hard for people to find themselves in a heap of debt these days. Not much has really changed from the past as credit cards have been around for decades. If anything, debt has been easier to accrue ever since the dawn of online shopping. Here are some of the common financial challenges people are faced with in the world today.

Determining if bankruptcy is the right move

Many people face financial issues on a daily basis. Some of those people know exactly what they are going to do to get out of trouble. Others have no idea where to turn. Not everyone has the ability to work with a financial advisor or other professional when it comes to making such major life decisions. Today, we will discuss how to determine if bankruptcy is the right move for you in Long Island.

Bankruptcy: A step toward financial freedom after crippling debt

Filing for bankruptcy is a huge decision for most people. The chances that you've agonized over this decision are great. In many cases, this is the only option that will allow you to get the financial relief that you need. We understand the position you are in and want to help you find the solution that will work for your needs.