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

Posts tagged "Chapter 13"

Debunking common bankruptcy myths for New York residents

Some of the things that truly matter in life often come with a slew of myths and misconceptions. Chapter 7 and Chapter 13 bankruptcies are no exception to this concept. Many of the ideas about bankruptcy that frighten Long Island residents are not true. To make the best financial decisions and find the right way to clear your debt, it is crucial to investigate all of your options before choosing a path. This includes any of the myths surrounding Chapter 7 and Chapter 13 bankruptcy.

Determining if bankruptcy is right for you as a senior citizen

Living as a senior citizen in New York can be enjoyable for so many reasons. It can also be quite scary if your financial situation is in ruins. Just because you've worked your entire life doesn't mean that your finances will be in good shape. It all depends on how you handle your finances and credit. Let's take a look at bankruptcy as a senior citizen so you can determine if it's right for you.

Report: Bankruptcy is becoming more common among seniors

Bankruptcy is becoming more common among senior citizens. In fact, according to a new report from the Consumer Bankruptcy Project (CBP), the rate of new bankruptcy filings among people who are at least 65 years old has doubled since 2013. The average amount of debt that seniors who file for bankruptcy have is over $17,000.

Chapter 13 has one big advantage over Chapter 7

Chapter 13 bankruptcy gives you an affordable repayment plan that you can use for the next few years -- typically between three and five years -- to pay back what you owe. Some of your debt may be forgiven, but the goal is repayment instead of elimination.

How often do small businesses fail?

Every small business owner starts out feeling positive and chasing what many consider the American Dream. They read stories about other companies starting in a garage and growing into an international powerhouse, and they can't help but hope for that type of success.