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Legal Blog

Study: Two-Thirds of Bankruptcy Filings Are Due to Medical Issues

by Michael H. Schwartz
Man computing for medical bills.

Medical issues contribute to roughly two-thirds of the country’s bankruptcy filings each year, according to a recently released study. In the view of one of the study’s authors, a lack of adequate health care insurance likely contributes to the majority …

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Report: Total Household Debt in the U.S. Reaches Record High

by Michael H. Schwartz
Young couple having debt problems on how to pay their loans.

Total personal household debt in the U.S. rose to a record-high $13.54 trillion in the last quarter of 2018, according to a report by the Federal Reserve Bank of New York. It marked the eighth straight quarter in which consumer …

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Michael H. Schwartz Asked His Legal Opinion Yet Again on an Important Bankruptcy Matter in the News.

by Michael H. Schwartz

 FiOS1 News interviewed Mr. Schwartz about the latest development in the ongoing contract dispute between Westchester County and Standard Amusements, LLC, the company that currently operates the famous but struggling Playland Amusement Park in Rye, New York. FIOS 1 …

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FICO Plans Big Shift in Credit-Score Calculations

by Michael H. Schwartz
Businessman checking on credit score on his laptop.

The Fair Isaac Corporation, the company that developed the FICO score, is rolling out a new credit score this year called “UltraFICO.” Experian, one of the three major credit reporting agencies, will distribute the credit score, according to USA Today. …

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Eight Retailers That Could Go Bankrupt in 2019

by Michael H. Schwartz
Retail store closing due to bankruptcy.

What do Radio Shack, Toys “R” Us, and Circuit City all have in common? They all failed to keep pace in a high-tech consumer marketplace and recently went out of business. In 2019, several other major retailers are on the …

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How Do I File for Chapter 13 Bankruptcy in New York?

by Michael H. Schwartz
Worried man consulting his bankruptcy attorney.

Call us first!  Michael H. Schwartz has been successfully helping people throughout Westchester County, Rockland County, Putnam County, the Hudson Valley and New York City area file for Chapter 13 bankruptcy protection for more than 40 years.  We are second …

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10 Years After 2008 We Still Borrow More Than We Save

by Michael H. Schwartz
Woman holding her passbook is stressed over her unpaid debts.

In 2008, the housing market collapsed. The Great Recession began as this collapse created a tsunami effect throughout the entire American economy. In an eerie and very similar parallel to what happened in the 1920s that caused the stock market …

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Number of Older Americans Filing for Bankruptcy Has Tripled Since 1991

by Michael H. Schwartz
Sad old man filing for bankruptcy.

Bankruptcy rates have tripled among older Americans since the early 1990s, according to a recent article in the New York Times. The number of people age 65 and over who are filing for bankruptcy has tripled since 1991. From February …

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Are there Pros and Cons to a Mortgage Loan Modification in New York?

by Michael H. Schwartz
Mortgage loan modification form with eyeglasses on top.

Applying for a mortgage loan modification is a big decision that could have significant implications for your family’s financial future. When you are considering your options for getting your finances back on track, it is best to take stock of …

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In New York, How Many Times Can I Modify My Mortgage?

by Michael H. Schwartz
Two men discussing mortgage loan modification.

For struggling homeowners, getting a mortgage loan modification can at first seem like a lifeline. Unfortunately for some, however, even the new, modified rate might be too much to pay, especially if further financial disaster strikes later on. I’m sure …

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