Healthcare these days is getting more expensive. Your medical bills are usually unsecured debt. And the peculiar thing about medical debt is that they are ongoing, especially the expensive ones. You see the doctor and you are directed to have additional tests and treatments, followed by consultations with specialists and then come the prescription charges. Should your medical bills increase to the point where they are a debt you cannot bear, you may want to consider filing for bankruptcy.
Usually, it is advisable to seek other means of paying medical debts before filing for bankruptcy. You can look around for more reasonable medical fees, discounts on medicines or seek the help of non-profit advocacy groups. But suppose you have already taken these steps and still find yourself drowning under the weight of medical debts. Then you should consider bankruptcy.
The thing about medical debt is that it is not likely you will be allowed to file for bankruptcy only to clear your medical bills alone. You would be required to include all other debts also, including back taxes, credit card debts, personal loans etc.
It is strongly advisable for you to seek the legal counsel of a bankruptcy lawyer to discuss the timing to file for bankruptcy. As I mentioned above, medical debts are ongoing and bankruptcy only discharges your medical debts incurred up to the point of your bankruptcy filing. So if you file for bankruptcy too early you may be left with a large amount of medical bills incurred after the bankruptcy that cannot be discharged.
So call us at (813) 200 4133 for a free consultation on how to best eliminate your medical debts (and other debts) through bankruptcy.
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Filed under Chapter 7 (Tampa) by on Jan 27th, 2012. Comment. 
If you are facing financial difficulties in this economic recession, it may be time to consider filing for bankruptcy. Bankruptcy filing is a way to eliminate debt and get a fresh start worth considering. In 2010, 110,304 Floridians filed for bankruptcy, placing Florida in 13th spot in the country for per capita bankruptcy filings.
On the flip side, bankruptcy does have its long-term repercussions like a black mark on your credit score. So it might not be the panacea for all financial ills for everyone. If you are considering filing for bankruptcy, here are a few pointers to help you decide if this is a suitable move for you.
Firstly, review if your debts exceed (or are starting to exceed) your assets. If so, then you should seriously consider filing for bankruptcy. However, it also depends on what type of debts you have. If you have debts that cannot be wiped out by bankruptcy, then it’s pointless filing for bankruptcy. One such example is a student loan. But on the other hand, there are other debts that are particularly suited for bankruptcy to deal with, such as credit card loans or medical bills. At times, high credit card debts make it virtually impossible for you to catch up with your payments without filing for bankruptcy.
Secondly, if you have already tried other means of settling your debts without success, then you should think about the bankruptcy option. For example, you may have tried soliciting the help of a credit counseling organization. But if credit counseling has been failed and efforts to negotiate directly with your creditors have also failed, bankruptcy may be a viable option for you.
Thirdly, look at what your creditors have been doing to pursue their dues. If the incessant collection efforts like phone calls, notices, letters and such have been increasing and driving you up the wall, then you might think of filing for bankruptcy. If you get visits from debt collectors or there is a possibility your salary might be garnished, your home be foreclosed or worse you might be facing a lawsuit, then you should consider bankruptcy. Any or all of these occurrences might signal the real need for a bankruptcy filing.
Last but not least, consider how you are coping with your financial distress and all that comes along with it. Do you feel it is worth going through all the stress of trying to pay off your debts by your own efforts? If you have come to the end of your resources, you should consider the bankruptcy route.
If you wish to file for bankruptcy, or just want to talk to a professional about this, call us at (813) 200 4133 for a free consultation.cial difficulties in this economic recession, it may be time to consider filing for bankruptcy. Bankruptcy filing is a way to eliminate debt and get a fresh start worth considering. In 2010, 110,304 Floridians filed for bankruptcy, placing Florida in 13th spot in the country for per capita bankruptcy filings.
On the flip side, bankruptcy does have its long-term repercussions like a black mark on your credit score. So it might not be the panacea for all financial ills for everyone. If you are considering filing for bankruptcy, here are a few pointers to help you decide if this is a suitable move for you.
Firstly, review if your debts exceed (or are starting to exceed) your assets. If so, then you should seriously consider filing for bankruptcy. However, it also depends on what type of debts you have. If you have debts that cannot be wiped out by bankruptcy, then it’s pointless filing for bankruptcy. One such example is a student loan. But on the other hand, there are other debts that are particularly suited for bankruptcy to deal with, such as credit card loans or medical bills. At times, high credit card debts make it virtually impossible for you to catch up with your payments without filing for bankruptcy.
Secondly, if you have already tried other means of settling your debts without success, then you should think about the bankruptcy option. For example, you may have tried soliciting the help of a credit counseling organization. But if credit counseling has been failed and efforts to negotiate directly with your creditors have also failed, bankruptcy may be a viable option for you.
Thirdly, look at what your creditors have been doing to pursue their dues. If the incessant collection efforts like phone calls, notices, letters and such have been increasing and driving you up the wall, then you might think of filing for bankruptcy. If you get visits from debt collectors or there is a possibility your salary might be garnished, your home be foreclosed or worse you might be facing a lawsuit, then you should consider bankruptcy. Any or all of these occurrences might signal the real need for a bankruptcy filing.
Last but not least, consider how you are coping with your financial distress and all that comes along with it. Do you feel it is worth going through all the stress of trying to pay off your debts by your own efforts? If you have come to the end of your resources, you should consider the bankruptcy route.
If you wish to file for bankruptcy, or just want to talk to a professional about this, call us at (813) 200 4133 for a free consultation.
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Filed under Chapter 7 (Tampa) by on Sep 19th, 2011. Comment.
Chapter 13 Bankruptcy is the section of the bankruptcy code that allows you to pay off your debts according to a court-approved repayment plan. One advantage of filing Chapter 13 bankruptcy is that all debt-collection activity against you automatically ceases by law. This includes the action most homeowners are terrified of – foreclosure. In addition, a Chapter 13 bankruptcy also stops interest and penalties from accumulating on your unsecured debts such as credit card balances, medical bills and tax debts.
The most essential part of a Chapter 13 bankruptcy is the debt-repayment plan. The plan takes into account your ability to pay regular monthly installments to clear off your debts before emerging from bankruptcy.
Under Chapter 13, you do not have to fully repay your unsecured debts as long as you pay your unsecured creditors at least as much under the plan as they would receive if your assets were liquidated under Chapter 7 bankruptcy. However, secured debts like a mortgage or car loan must be repaid in full.
If you have refinanced your home and now find that its value is lower than the amount of your mortgage (i.e. your property is “underwater”), Chapter 13 bankruptcy may allow you to “strip” the second mortgage (called lien stripping). The second mortgage can be placed in the Chapter 13 repayment plan as an unsecured loan, essentially treating the second mortgage like an unsecured debt, which may not be required to be paid in full before discharge in Chapter 13 bankruptcy.
If your mortgage holder objects to lien stripping, then you may need to have the home valued by a valuation expert. Whether your circumstance requires a valuation depends on your loan documents. Call us at (813) 200 4133 for expert advice on this matter.
The next step in Chapter 13 bankruptcy is to hold the meeting of creditors between 20 and 50 days after filing the bankruptcy petition. This meeting will be conducted by the court-appointed bankruptcy trustee during which the trustee and creditors may ask you questions regarding your financial status and debt. You are obligated to attend this meeting and answer questions under oath. If you need guidance on how to go through a meeting of creditors, call us at (813) 200 4133 for a free consultation.
Finally, after the meeting of creditors, the bankruptcy court will review the plan before confirming or rejecting it. Any of your creditors may object to the confirmation. However, most times Chapter 13 petitions are confirmed as long as there are no serious errors.
If you are struggling with insurmountable debt, call us for a free consultation at (813) 200 4133.
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Filed under Chapter 7 (Tampa) by on Aug 23rd, 2011. Comment.
Chapter 13 Bankruptcy and What it Means
Many home owners these days face the possibility of foreclosure due to the sluggish economy. What’s worse is that their mortgages may be underwater i.e. the value of the mortgage exceeds the market selling price of the home. When this happens, selling your home does not absolve you from all your debts to the bank. What can you do to avoid foreclosure?
You can file for bankruptcy. Although there is no guarantee that a bankruptcy filing will save your home from foreclosure, but it remains a viable option.
Most people will file for a Chapter 13 bankruptcy, named such after the section of the bankruptcy code it is derived from. Chapter 13 bankruptcy is a scheduled payment plan ordered by the bankruptcy court for you to clear off your debts over a period of up to 5 years. For it to work, you must have a regular source of income.
One good thing about filing for Chapter 13 bankruptcy is that once it is affected, the court grants you an automatic stay on all collection efforts on you. This stops the phone calls, collection letters and foreclosures, giving you time to craft out your proposed Chapter 13 repayment plan with your bankruptcy attorney.
Besides your mortgage, you would probably have other unsecured debts also, such as credit card debts, medical bills etc. Under a Chapter 13 bankruptcy, you will also pay some portion of these unsecured debts as a Chapter 13 filing permits you to discharge some of that unsecured debt.
How much your unsecured debts can be discharged depends on a few factors like how much you presently earn, the size of your mortgage and your mortgage arrears. Ask you bankruptcy attorney to help you calculate your amount of discharge. The amount discharged will release some money to help you in making your mortgage payments under Chapter 13.
Here’s another welcomed advantage of a Chapter 13 bankruptcy – you tend to be deemed more credit-worthy after filing it. The reason is that credit companies will be more willing to grant you credit after you have freed up some of your funds than when you were laden with debts. Some debtors are pleasantly surprised to find credit card offers given to them even before they exit Chapter 13.
Obviously, filing Chapter 13 bankruptcy will affect your credit score, but if you do it right, the impact may not be as devastating as you expect. You should start with a reasonable amount, carefully limit your debt and slowly rebuild your credit. By the time you complete your Chapter 13 repayments, your credit score might be better than when you entered Chapter 13.
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Filed under Chapter 7 (Tampa) by on Jul 28th, 2011. Comment.
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Filed under Chapter 7 (Tampa) by on Feb 22nd, 2011. Comment.
