Financial difficulties cause stress regardless of the circumstances. With the unexpected nature of the coronavirus, stress can be even higher. Here’s a little perspective on your finances that might help. Priorities First, your health, your immediate family’s heath, and that of our communities is more important than the credit card bill due this month. Especially more important than the pesky debt collector calling for the umpteenth time. Second, having enough money to pay for food … [Read more...]
Bankruptcy & Tax Refunds
Bankruptcy & Tax Refunds Each year, many people receive substantial tax refunds. If they are facing a lot of debt, they must decide whether using the tax refund to pay creditors will help them out of debt. If a debtor has one major creditor and can negotiate a payoff with the tax refund, this may be a good option. However, when a debtor has multiple creditors and paying one will not ease the debt burden, bankruptcy may be a better option. Some important factors when considering … [Read more...]
How did these medical bills get out of control?
Sometimes it's a catastrophic illness like cancer or a heart attack. Other times it's just high deductible insurance premiums or co-pays. Quite often, it is the combination of illness and missed work due to illness that prompts a medical bill problem. Whatever the cause, medical bills are one of the leading reasons why people file bankruptcy. Medical bills are unsecured debts – this means that there is no collateral for the debt. If you are unable to pay what the hospitals or doctors want … [Read more...]
I’ve been sued on a debt, now what?
Many people struggle financially for months or years before deciding to explore their options in bankruptcy. The last straw often comes in the form of a sheriff or process server showing up at the door with a summons. When this happens, it can be overwhelming. Faced with a lawsuit, bankruptcy may be your best option. When you consult with our office, we will let you know the pros and cons of bankruptcy. Pros: Bankruptcy offers relief Bankruptcies are filed in the United States … [Read more...]
Divorce & Bankruptcy
When to file the bankruptcy The stress of dealing with overdue bills and creditors calling can put a strain on any marriage. Frequently, divorce causes debt, or financial difficulties are a big factor in leading to divorce. If you are considering a divorce and have substantial joint debt, you should file bankruptcy before a divorce is final. By doing this, the debt component is greatly simplified in the divorce proceeding - if not eliminated completely. This not only takes away the worry … [Read more...]
