As the year comes to a close, we took some time at Martin L. Rogalski, P.C. to discuss some trends we have seen from the past year. Here is what some members of the team had to stay:
Martin: Bankruptcy filings over the past few years have been trending upwards. More people are filing for bankruptcy year after year and interestingly the reasons for filing have changed. In late 2022 and 2023 our office saw an influx of bankruptcies that were filed to address gambling debts incurred because of the legalization of sports gambling. In 2024 however, we have seen more bankruptcies filed to address large credit card balances owed by Debtors. Recently it was reported that in the United States there is over 1 trillion dollars in credit card debt owed by consumers and our office has seen the ramifications. Whether it is filing a Chapter 7 or Chapter 13, our office has filed many petitions this year to help consumers find some relief from often times crippling credit card debt.
Dylan: It is no secret that home values in our country have continued to rise since the recession of 2007 and 2008. As home values rebounded over the last 15 years, some individuals have been left to wonder if the dream of homeownership was just a dream. This increase in value, along with the recent increase in interest rates post 2021 has left many feeling like homeownership is just too expensive. With these rising costs, we have seen many clients turn to an alternative, the land contract. Popular during the 1970’s and 1980’s, our office has seen a resurgence of the once popular form of home ownership. The land contract is also a popular way for clients to take advantage of the perks of home ownership like the primary residence exemption. Our office has assisted clients this year with the creation of land contract documents to help achieve the dream of home ownership without the need for a traditional mortgage.
Justine: In the past year we have seen one consistent theme in estate planning – procrastination! Whether it is the creation of documents or the updating of existing documents, clients this year have been consistently waiting until the last minute to take care of these vital documents. It is important to not wait until the eve of a surgery or big trip to get your estate planning documents in place.
It is even more important to have documents in place before health complications as a result of age occur. Multiple clients this year have had to apply for guardianships and/or conservatorships through the probate court because they waited too long to get a power of attorney in place. Not only does waiting until the last-minute increase the stress in an already stressful time, but it can unfortunately also dramatically increase the costs. Save you and your family from additional stress and increased expenses by making sure you have estate planning documents drafted or updated to give you some peace of mind in case of emergency.
If any of the above trends seem to apply to you, the staff here at Martin L. Rogalski, P.C. is ready to help you start off 2025 on the right foot or with a plan to address any issues you may be facing. Contact us today! As 2024 comes to a close we wish everyone a happy, healthy and safe holiday season.
