David I. Pankin, P.C.

05/14/2026

Prices increases for gas, groceries, medical services, utilities and other staples, has led to an increasing number of households to rely on their credit cards to absorb the extra costs. Credit card balances were already at record levels, and this will push them even higher.
https://www.nytimes.com/2026/05/10/business/consumers-credit-inflation-costs.html?smid=em-share

05/14/2026

As a continuing effect from the Iran conflict, US consumers are facing more bad news, as inflation rose in April and for the first time in three years, wages are no longer outpacing inflation. Americans now have to deal with everyday items becoming more expensive from increasing gas prices.

For the first time in three years, Americans’ wages are no longer outpacing inflation.

05/01/2026

Since Congress allowed the Obamacare subsidies to expire, there has been an approximately 20% decline in enrollment. Many Americans simply cannot afford the higher health insurance premiums. As a result, many Americans will not receive proper medical care, which will lead to increased demand on already stressed ERs and higher medical debt. This may cause an increase in medical debt related bankruptcy filings in the near future.
https://www.nytimes.com/2026/05/01/business/obamacare-enrollment-decline.html?smid=em-share

03/31/2026

On a more frequent basis, we are receiving inquiries from small business owners who are struggling with SBA loans obtained during Covid. Many borrowers accepted the loans during a crisis without fully understanding the terms and rules regarding the loans. Nor did they fully understand the loan restrictions regarding what the loan proceeds could be used for which could affect its possible forgiveness or dischargeability. As of June 2025 (the latest data available), the S.B.A. has referred more than $75 billion Covid era SBA loans to the Treasury Department for collection. This is definitely a problem on the horizon especially for small owners who took out these loans and are struggling.

https://www.nytimes.com/2026/03/24/business/economy/sba-pandemic-loan-defaults.html?smid=nytcore-ios-share

03/13/2026

After some recent good news on mortgage rates, rates are now back above 6% due to new inflation concerns because of ongoing economic uncertainty stemming in large part to the current conflict with Iran and the increasing price of oil.
https://www.nytimes.com/2026/03/12/business/mortgage-rates-rise-above-6-percent.html?smid=em-share

03/10/2026

Despite a cold and snowy February, our team kept moving forward. Last month we obtained 37 Chapter 7 discharges and 6 confirmed Chapter 13 cases. Chapter 13 bankruptcy can be a complex process that many consumer bankruptcy attorneys don’t handle, and I’m grateful to our legal team for their hard work and dedication to our clients. Most importantly, I’m happy for our clients who can now get a well deserved fresh financial start.

03/06/2026

A combination of higher interest rates, high insurance costs, tightening credit, high repair costs and tariffs have made cars so expensive that many Americans are putting off or not buying new cars. On top of that many automakers have eliminated their entry-level vehicles, further increasing costs for American consumers.
https://www.nytimes.com/2026/03/05/business/new-car-sales-payments-affordability.html?smid=em-share

01/23/2026

Even though we don’t know the fine print and its potential repercussions, many will be glad to know that TikTok will be here to stay. https://www.nytimes.com/2026/01/22/technology/tiktok-deal-oracle-bytedance-china-us.html?smid=nytcore-ios-share

01/19/2026

The Education Department has temporarily paused their efforts to seize tax refunds and begin wage garnishment of borrowers who have defaulted on their student loans. It is not clear when these collection efforts would restart. In the meantime, the Education Department has encouraged distressed borrowers to explore their options.
https://www.nytimes.com/2026/01/16/your-money/student-loan-wage-garnish.html?smid=em-share

12/23/2025

With many of the Biden loan forgiveness programs no longer an option and loan forbearance periods coming to an end, many student loan borrowers are now entering into delinquent status. Unfortunately, as a result, their wages may now be subject to garnishment by the Department of Education. Notices are scheduled to begin being sent out the first week in January in the coming year. Initially, only 1,000 of five million borrowers in default will receive the initial garnishment notices. The Department of Education plans to increase the number of notices monthly throughout 2026.
https://www.nytimes.com/2025/12/23/business/student-loan-debtors-default-wages-garnish.html?smid=em-share