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

Posts tagged "Chapter 13"

American Chopper star sells New York home amid Chapter 13

Last year, it appeared that the star of the television show American Chopper could lose his multimillion-dollar Montgomery, New York, home to foreclosure amid his bankruptcy because he had defaulted on his mortgage. However, Paul Teutul Sr. has been able to sell the home.

What you should know about a Chapter 13 repayment plan

Many people who file for personal bankruptcy choose Chapter 13 over Chapter 7 in large part because it can allow them to keep their home and other valuable assets. If your income is high enough, you may not even qualify for Chapter 7, so Chapter 13 is your only choice.

Experts say customer credit quality is declining

The first quarter of this year brought some troubling news regarding consumer credit. The credit card industry saw an increase in the charge-off rate. That reflects the percentage of debt that companies don't expect to collect. While that rate (3.82%) is low by historical standards, it's still the highest in seven years, according to Bloomberg Intelligence.

How do you know if it's time to file for bankruptcy?

The decision to file for bankruptcy should not be made lightly. If will have a significant impact on your credit for up to 10 years. It's always a good idea to look for other ways to whittle down your debt, such as by negotiating with creditors.