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

Chapter 7 Archives

What divorce-related obligations can you discharge in bankruptcy?

Financial issues can contribute to strains in a couple's marriage. It's not unusual for someone to consider filing for bankruptcy as they're also headed toward divorce or have already begun the divorce process. Sometimes people file for bankruptcy after they've divorced, but they still have obligations to their former spouse that were ordered as part of their divorce agreement.

What you should know about automatic stays

Among the relief that filing for bankruptcy brings is what's called an "automatic stay" on collection efforts by creditors. As one attorney says, "One of the reasons individuals ultimately file for bankruptcy is just to stop the harassment that goes on in the process of collection."

Scammers are targeting people with student loan debt

Many college graduates -- from young adults to those looking toward retirement -- feel like they'll never escape their student loan debt. According to Student Loan Hero, Americans have a cumulative total of over $1.5 trillion. The website says that the average amount of student loans for students who graduated last year was nearly $30,000. It's been estimated that as many as 40% of people with outstanding student loans could default on them by 2023

Your age likely affects your attitude toward credit cards

You might assume that younger people would use credit cards more often than older ones do. The convenience of buying now and paying later is still relatively new to them. They also haven't had years of paying interest on unpaid balances.

Are you prepared for a recession?

Economic experts are warning that another recession appears to be headed our way. In a recent survey by the National Association for Business Economics, 38% of economists who were polled predicted that it would occur next year. A little over a third said they expect it the following year, in 2021.

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.