Posts Tagged ‘Debt Relief’

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Yes, You Can File Bankruptcy Again!

November 3rd, 2010

I, like many other Orlando bankruptcy attorneys, do not like repeat customers. Referrals are the backbone of my business, but a repeat customer is someone who, after receiving bankruptcy relief once, has met with financial troubles again. While I’m sorry to see them back in a difficult situation, I am happy to say, I can usually help my client get debt relief again.

Many people believe that bankruptcy is a “once-in-a-lifetime” deal. In other words, they think that once you have filed, you cannot file again. This is simply not the case. When a previous client calls me about possibly filing bankruptcy a second, or even a third time, I explain the following:

Since life can be “unfair” and it is impossible to predict a future financial disaster, bankruptcy laws do not prohibit you from receiving debt relief by filing bankruptcy again. In light of the recent economic downturns, people have lost their jobs, incurred medical bills or other unforeseen emergencies that put them in a position in which they again feel their best solution is to file bankruptcy.

So, let’s break it down. First, you may file a Chapter 7 bankruptcy once every 8 years. Section 727(a)(8) of the Code says as much.

If your last case was a Chapter 7, and you are within the 8 year window and cannot file another Chapter 7, then you may file a Chapter 13 bankruptcy if 4 years have passed from the time you filed the Chapter 7. See Section 1328(f)(1) for that one.

If your last case was a Chapter 13, then you must wait 6 years from the time you filed the Chapter 13 before you can file a Chapter 7. However, you can still get a Discharge from a Chapter 7 case filed within the 6 years from filing the previous case if the Chapter 13 payment plan paid either 100 percent of all allowed unsecured claims or paid 70 percent of such claims, was proposed in good faith, and represented your best efforts. Section 727(a)(9) is where to go for this.

If two years have passed since your last Chapter 13 case, you may file another Chapter 13 bankruptcy.

There are exceptions to the 2 year rule for Chapter 13 bankruptcies. In general, multiple filings occur in conjunction with avoiding home foreclosure. If you can show your circumstances have changed and that you could continue to make payments resulting in a successful outcome of your case and that the Judge rules in your favor, you may file a new Chapter 13 within the 2 years.

Navigating the timelines involved in these cases can be tricky and it is a good idea to talk to experienced Orlando bankruptcy attorneys about your specific situation before making a decision on whether you can file bankruptcy or not.


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Medical Billing Mistakes That Cost A Lot That Need To Be Avoided

October 23rd, 2010

Medical billing is an absolute joke. That is exactly what it is, a big hilariously funny joke. The only problem with that is that it’s not a joke, it’s a real big problem. A really big problem that needs fixed. If you have medical problems, or medical problems in your family, then you know what I am talking about. Your insurance didn’t pay the bills like they were supposed to, or the doctor didn’t file it correctly with the insurance company.

There is a common misleading notion that when your insurance doesn’t pay as much as they are supposed to that it’s the physician or facilities fault. This isn’t correct and it’s technically your fault. Whenever you first get insurance with a company you have to sign a contract between yourself and the insurance company. This means that your contract is between you and the insurance company alone. This means a medical facility doesn’t legally have to process your insurance information. They will probably still file it for you because it increases the chances of them getting paid.

The problem is that when the insurance doesn’t go through correctly the responsibility to make sure it gets done correctly falls solely on you. What you have to do is actually put some effort in. You start with a little research, and find out exactly what your bill is for. Then, call up your insurance company and find out why they didn’t pay the bill. You will want to continue to bug your insurance company and not bug your creditor. Your insurance company works for you so call them up, over and over, until they have all the information that they need to process your claim. The earlier you get proactive on this the better because sometimes there is a time limit on whether your insurance company will pay your bill or not.

Multiple bills is another problem that complicates things and needs considered. Many medical providers, particularly hospitals, will bill you many different times for the same date of service. This happens quite often at hospitals. You arrive at the emergency room and suddenly you have a bill for a machine, a doctor, ambulance, EKG, and anything else that you can imagine.

Keeping track of everything that you owe is near impossible because you don’t always get billed correctly. What you need to do is call the hospital up and give them as much information that you can and call all of the different billing departments. Give them your name, social, address, date of birth or pretty much anything you can think of that would help them look up all of those accounts. Lastly, get copies of all those bills and get them to your insurance company to make sure they all get filed on your claim.

I’m Don Wilson and I am an expert in using Debt Secrets to get people out of debt almost immediately. Using Debt Secrets allows you to get out of debt much quicker than the original budgeting and pray methods.


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A Beginner’s Guide To Chapter 7 Bankruptcy

October 21st, 2010

Deciding to file for personal bankruptcy may be among the most difficult decisions you have to make. On top of that, what kind of bankruptcy you declare might have an effect on your future, your chosen lifestyle as well as your loved ones. Chapter 7 bankruptcy makes up about just about 2/3 of all individual bankruptcies, but what is it exactly? The following is short guide to Chapter 7 personal bankruptcy, and the things that it might change for you.

The main reason of personal bankruptcy is almost always to change financial problems into a better future, and for several reasons, Chapter 7 (also called liquidation) is usually the swiftest method of doing so. All valuable assets are assessed and handed over to a trustee, who is given the task of trying to sell the pieces, and using the earnings to pay back the collectors. In addition to the petition itself, the person needs to have the following ready: a comprehensive list of funds and liabilities, documents regarding current income and expenditures, a recent statement of the available budget and virtually any leases or contracts currently applicable.

Immediately after one files for bankruptcy, their property is preserved by an ‘automatic stay’. This helps prevent debt collectors from endeavoring to collect on virtually any unpaid debt but for when agreed upon by the court. The stay continues for however long the bankruptcy proceeding. Just some benefits of an automatic stay are proper protection from eviction, car or truck repossession and foreclosures.

As for your other assets, you’ve probably heard of ’secured debts’ and ‘unsecured debts.’ A ’secured’ creditor is one whose loan is insulated by assets of some kind; if ever the debt isn’t paid, the guaranteed items might be repossessed. Oftentimes, as soon as the secured debts are settled in a Chapter 7 process, the unguaranteed ones (those where there isn’t any collateral and therefore no risk of loss, such as credit card bills) are discharged. In some cases, where the person is without valuable property and assets, the span of time between submitting and debt relief can be just a few months, and seldom does a more involved proceeding require over six months.

One more thing to keep in mind is that many outstanding debts are not to be dismissed in any case, such as child support, overdue taxes, and student loans. Other non-dischargeables consist of any debt borne from the acquisition of a luxury item in the two months before filing bankruptcy.

If you’re considering Chapter 7, you could find yourself in need of legal assistance. The services provided by experienced Detroit Chapter 7 lawyers could greatly benefit you as you figure out your finances, and your future.


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Common Misconceptions Regarding The Bankruptcy Process

October 19th, 2010

Misconceptions about personal bankruptcy have been with us nearly as long as the debt relief process itself. As is the situation with many court processes, the everyday American is not sure what to anticipate from bankruptcy; in fact, there are actually a great number of men and women who probably ought to file and won’t, based entirely on things they’ve heard from friends or family. Let’s consider some of the most familiar bankruptcy myths, along with the explanations associated with them.

Even though individual bankruptcy is structured with your needs in mind, oftentimes people are afraid that their chances of getting credit is going to be affected. Surprisingly, many people have a much better overall credit score after bankruptcy, and a few are granted charge cards even through the case; however, this usually comes with a higher-than-usual monthly interest. As well as the advantage of having a freshly-clean slate, the continuing recognition of an individual’s spending plan and its boundaries has convinced many to consider all factors before making a large purchase. It’s also wise to take baby steps; the initial credit card one obtains just after bankruptcyshould have a manageable account limit, so as to prevent excess and make the repayments slightly easier to deal with.

Many worry that their landlord or potential or current employer may discriminate based upon a previous bankruptcy. In spite of bankruptcy remaining a public legal process, there is no reason to worry that others will uncover your personal matters. Only your debt collectors must be told of thebankruptcy proceeding; it’s unlikely that even a friend would know unless you personally told them. Nearly all bosses prefer you be doing the job than bothered by debt collectors, and a landlord’s involvement in your actual state of affairs rarely goes deeper than the rental agreement.

One of the most frequent myths is that bankruptcy is most suitable for the impoverished, unemployed or hopeless. However this is far from true, as the conditions resulting in bankruptcy impacted more than 1.5 million people in 2009 .

One more wide-spread fear related to bankruptcy is the foreclosure of beloved valuables, like your residence or vehicle. Actually, bankruptcy may well be the best way to keep these things, as the automatic stay given by bankruptcy will put off creditors’ attempts to recover. Determined by what type of bankruptcy you declare, it is possible to reaffirm some secured debts and keep just about everything. Just remember, a bankruptcy proceeding is not actually the problem but a resolution.

Those were just a few myths about bankruptcy that you’ve probably heard before. If you’re considering filing bankruptcy, speak to experienced Michigan bankruptcy attorneys for advice and ongoing support.


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Midland Credit Management Collection Agency-How To Deal With It.

October 19th, 2010

Having a collection agency on your credit report is extremely negative. Your credit report determines what your credit score is.

Midland Credit Management has branches in Minnesota, San Diego and Phoenix. The shares of Encore capital are traded on NASDAQ. The main function of this company is to buy debt from creditors and various credit agencies. They also work with the customer to create a good re-payment plan.

Remember, you have the leverage. If you believe that the bill collector has the upper hand, then you are already defeated. If you are desperate to remove the collection, never tell the bill collector that information.

-You need to do a thorough homework on your part. Study the statute of limitations on your debt to know if it has expired. Verify the debt and find out if your debt has been sold to other collection agencies other than Midland Credit Management Company.

There are half a dozen different steps you can take to settle a debt with the Midland Credit Management Collection Agency. If they refuse to settle, you can perform debt validation or file a credit dispute with the credit bureaus.

It is important to stay patient. Don’t appear to be in a hurry or overly anxious.

-If all the above procedures fail, the last strategy should be to use the Debt Validation process. This can be a very powerful counter strategy if the company is on your neck for the wrong reasons.

After you follow the above steps, it is highly likely that you will come to an agreement with the company. This will allow for proper negotiation and the payment of the debt.Additionally, any additional items will be removed from your credit report in due course. This should make your credit score go up and allow you to borrow easily.

Guaranteed way to delete bad credit, ways to delete negative credit can be found by calling 1-866-246-7311.


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How Does A Chapter 13 Bankruptcy Work?

October 15th, 2010

Any time one considers filing for bankruptcy, there are many factors to bear in mind – how it can affect your long term future, your children and your present daily activities. Of the differing kinds of bankruptcy proceedings, Chapter 13 is often suitable for individuals who would prefer to have most of their day-to-day habits as they are. What exactly is Chapter 13, and how can it enable you to eliminate your debt? Here’s a short overview to help you determine whether Chapter 13 is best for you.

Chapter 13 Bankruptcy is a means by which to settle your debts over time, at reduced or zero interest rates. It works as a reorganization of your responsibilities, forming a plan enabling you to apply future salary to repay creditors. As a result, Chapter 13 applies to people that have regular work, who are going to be enabled to pay their past due payments across a course of 5 years. At the same time, you are free to hold on to your assets; this is often perfect for families with children, who typically could be negatively affected by their father or mother’s debts.

While in Chapter 13, a written schedule details the amounts of money that are to be paid back over a course of time, and when they’ll be paid. This routine of installments must commence within a month to 45 days of the bankruptcy proceeding being provided through the court. Chapter 13 might be pursued with no need of the concurrence of debt collectors, who will be restricted by the judge from endeavoring to recover the debt.

So, how does one begin? The process begins with, of course, determining whether Chapter 13 is the right strategy for your requirements at this time. The next thing is to establish a payment plan, one you’re confident you’ll manage to adhere to until eventually your debt is paid in its entirety. After you have made a reasonable plan, you will need to send in the proper application forms, pay for the processing fee, and go to the necessary appointments with your judge or collectors.

A debtor is furthermore eligible for a discharge of money owed, if three positive specifications were met. The 1st is that all of the child support or alimony payments were made. Another looks at prior bankruptcy discharges, and how long ago the debtor had one. The third requires that the debtor accomplish an authorized training course in financial management.

In the event that the Chapter 13 debtor can’t pay in line with the schedule, they should also request a ‘hardship discharge.’ This process typically occurs only if the problems responsible for it are outside of the debtor’s influence, and then the credit card companies have received a sum equal to that which might have been gathered in a Chapter 7 liquidation.

If bankruptcy is right for you, contact Detroit Chapter 13 attorneys for a consultation regarding your case. Having a well-versed lawyer experienced with bankruptcy can help you make sense of the laws surrounding your current needs, and get you started on the path to a brighter future.


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Why You Need An Experienced Bankruptcy Attorney

September 19th, 2010

Each year I am contacted by clients, seeking my advice as an Orlando bankruptcy attorney, only after they have filed their bankruptcy “pro se”, without the assistance of a bankruptcy attorney. Normally, these people are in a serious situation and in need of help immediately to stop something going terribly wrong with their case.

For example, a client approached me after she received a Motion to Dismiss from the Trustee in her case for failure to attend the 341 Meeting of Creditors. On her original meeting date, she was out of town and therefore, could not attend. She explained that she had not received anything from the Trustee regarding the rescheduled meeting date, and had not made it to that meeting either.

I contacted the Trustee and resolved the Motion to Dismiss. I then reviewed her bankruptcy petition and filed amended schedules to apply her property exemptions correctly and prevented her from losing her car.

The trouble is, many people filing bankruptcy spend some time “researching” bankruptcy online and conclude it is a simple process they can do themselves. Even though a large number of people file for bankruptcy each year and achieve the debt relief they seek, there also a large number who end up with their Discharge put on hold, losing assets that they may have been able to keep, having their case Dismissed, or just making the entire process more stressful than it has to be.

Yes, you will have to pay a bankruptcy attorney for his or her services. However, many Orlando bankruptcy attorneys, myself included, offer payment plans to their clients. In my experience, when clients come to me for help after they have filed on their own, I usually have to spend quite a bit of time undoing what was done incorrectly. In other words, had they hired me to represent them from the beginning, they may not have had to pay as much for my services as when they need my services immediately to prevent a bad outcome in their case.

When you hire an Orlando bankruptcy attorney, make sure that bankruptcy attorney has several years experience in with the local bankruptcy Court’s rules, procedures, and bankruptcy laws. This will help prevent a rocky trip through the bankruptcy process that may result in Dismissal of your case. In the end, with an experienced bankruptcy attorney on your side, you will feel less anxiety and stress on your road to Discharge.

Contact an experienced Orlando bankruptcy attorney before you attempt a “do-it-yourself” bankruptcy .


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Federal Tax Table Reviews & Tips

September 17th, 2010

The Federal tax table outlines the percentage amount you’re required to pay in tax on the money you earn throughout the financial year. The amount you earn will dictate in which bracket you fit.

There are several different ways to calculate how much tax you’re likely to pay, but your first step should be to consider the Federal Tax Table.

Following are the federal tax table for a single person:

* If you earn between $0 and $8,350 then your tax bracket is 10%

* If you earn between $ 8350 and $ 33,950, your tax bracket is 15%

* If you earn between $ 33,950 and $ 82,250, your tax bracket is 25%

* If you earn between $ 82,250 and $ 171,550, your tax bracket is 28%

* If you earn between $ 171,550 and $ 372,950, your tax bracket is 33%

* If you earn between $ 372.950 and your tax bracket is 35%

The following Federal Tax Table is for a married couple filing jointly:

* If you earn between $ 0 and $ 16,700, your tax bracket is 10%

* If you earn between $16,700 and $67,900 then your tax bracket is 15%

* If you earn between $ 67,900 and $ 137,050, your tax bracket is 25%

* If you earn between $ 137,050 and $ 208,850, your tax bracket is 28%

* If you earn between $ 208,850 and $ 372,950, your tax bracket is 33%

* If you earn between $372,950 and above then your tax bracket is 35%

Before the time comes to file your income tax return for the IRS, you could potentially save some more money.

You may be able to increase the amount of tax return you could get by knowing how much you have earned throughout the year and work by the number of tax deductions that you qualify.

When you calculated what your new taxable income is likely to be after taking into account your deductions, you will find that you may have reduced your income far enough to fall into a lower the federal tax table.

Another option you might consider if you are married and you usually file your taxes as married filing together, and then take the time to work out the difference in tax rates if you were to file your taxes instead of married filing separately.

The federal tax table shows a difference for income eligible before jumping into the next bracket.

Anne Durrel comes from California. She has, combined, over 3 years of experience in IRS. You may want to check out her other guide on free tax help tips and irs refund guide.


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Can I Keep A Credit Card When I File For Bankruptcy?

September 12th, 2010

The bankruptcy law is designed with the purpose of giving an honest debtor a financial fresh start by discharging his debts.

So, if you are filing bankruptcy, why would you want to hold on to one of your credit cards?

I think the question is rooted in the fear many people have that, without access to a credit card, “What will I do in case of an emergency?” I remember when I was an impressionable, naive, 18 year old freshman in college, I asked my parents if it would be a good idea to get a credit card. After all, It came with a free t-shirt! They said “Sure, you can use it for emergencies”. Well, I found that there were plenty of situations, that, in my mind, qualified as an emergency, and therefore would allow me to employ the services of the trusty credit card.

While my “emergencies” may not have qualified, there is no question there are real emergencies in life, and it is always good to have a backup plan to get you through those dilemmas. However, wouldn’t it be satisfying, if, instead of relying on that credit card to bail you out, to be able to do it yourself? This is returns us to the financial fresh start intended by the bankruptcy law. Once you have liberated yourself from the burden of your debts, you can concentrate on building your savings. After filing bankruptcy, take that $100/month you were devoting to credit card payments and pay it to your savings account instead. Now you can apply yourself to rebuilding your credit without the worry of getting caught in the same trap.

Within a surprisingly short amount of time, you can create an impressive emergency fund. Get a flat tire? You’re covered. Tooth starts aching and need to run to the dentist? No need to pay for that trip to the dentist for a year after your tooth is fixed if you have an emergency fund available to cover the cost.

Filing bankruptcy requires that the Debtor list all of his or her creditors in the bankruptcy petition. This is something I advise all of my clients to do, and that everyone who files for Chapter 7 or Chapter 13 declares under penalty of perjury has been done. I’m not as naive as I was in college, so I know that not all of my clients listen to my advice and adhere to it.

I know, for example, that some clients have tried to keep a credit card out of their bankruptcy in the hopes that they could use it. Problem is, even if you don’t list a credit card in your bankruptcy petition, your creditors will know you’ve filed (they subscribe to services that flag accounts of their customers who file for bankruptcy) and they will deactivate the account. Then, you’ve got no credit card and no disclosure of the debt in your bankruptcy. Not good.

Why not take control of your financial life by rethinking the notion that you need a credit card to help you out in an emergency and depend instead on your own emergency fund that will don’t have to get into debt to have access to.

Learn more about bankruptcy. Stop by K. Hunter Goff’s site where you can find out all about this bankruptcy lawyer and what he can do for you.


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Filing Bankruptcy: 5 Do’s And Don’ts

September 11th, 2010

It is surprising how often, as an Orlando bankruptcy lawyer, I wind up advising clients NOT to do something they planned to do before they came to see me about filing bankruptcy. Many times, they had a feeling they shouldn’t do whatever it was in the first place, but were coming to see me for clarification and certainty. Some of these plans, if seen through, could seriously jeopardize their bankruptcy case. I’ve put together a quick list of 5 things you should or should not do when filing bankruptcy.

1. DO: Disclose all of your assets and all of your creditors in your Petition

Your bankruptcy petition is the paperwork they you fill out and your bankruptcy lawyer later files with the Court. The Debtor, the person filing bankruptcy, must reveal all of their assets and all of their debts in this petition. This is one of the main prerequisites when filing bankruptcy. In other words, you have to list everyone who you owe money to (including friends and family) and all of your possessions (even that old motorcycle your dad gave you).

2. DON’T: Contact the Trustee’s office if you have an attorney.

At a recent luncheon held by the Orlando Chapter 13 trustee, she made it abundantly clear to all the bankruptcy lawyers present that she did not want to hear from our clients, and, if she did, good would not come of it. She instructed the attorneys present to make sure our clients DID NOT call her office. When the Trustee’s office receives a call from a Debtor, they have to stop whatever they are doing and bring up that Debtor’s file. As they review the file, they look very closely to see if anything has been missed. Do they have all your tax returns and have you sent the refund to them? Is the Plan payment late?

3. DO: Always keep your bankruptcy lawyer informed of any income increases or decreases throughout your Chapter 13 bankruptcy.

When you enter into a Chapter 13 bankruptcy, it can go on for up to 5 years. Think of a Chapter 13 as a partnership between you and your bankruptcy lawyer. To reach the intended successful outcome, each party must perform their duties. One of the obligations of a person filing bankruptcy under Chapter 13 is to ensure their bankruptcy lawyer is aware of any changes in their income, whether an increase, or decrease, during the entire case. While you may be hesitant to let your bankruptcy lawyer know about an income increase, you must keep in mind that it does not always result in an increased plan payment.

4. DON’T: Give away or remove your name from expensive assets you own before filing bankruptcy.

This is a BIG Don’t. It just doesn’t sound right when you say it out loud does it? Go ahead, re-read out loud what comes after the “Don’t” above, I’ll wait. There, see? It doesn’t sound right because it’s not. In fact, the law has a name for the act of transferring property a Debtor owns to someone else prior to filing a bankruptcy: FRAUD. Don’t do it, no matter what trusted friend or relative is advising you to do so.

5. DO: Disclose everything!

If there is one thing that every experienced bankruptcy lawyer tells their clients, and that is to disclose everything. In other words, if you are not sure whether or not you should list something in your bankruptcy petition, list it. It could be that it was not important and nothing is lost by disclosing it. Alternatively, what if you don’t list it and the Trustee uncovers it and believes you were trying to get away with something shady and misleading. If the second, you could be in a lot of trouble. So what you should take away from this DO: inform your bankruptcy lawyer about everything.

There are definitely a lot more Do’s and Don’ts when filing bankruptcy, if you are considering filing bankruptcy, these 5 will get you started on your way to a successfully Discharged case.

Looking for help with filing bankruptcy? Then visit www.khuntergoffpa.com to find the best Orlando bankruptcy lawyer for you.


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