Wednesday 19 June 2013

How Bankruptcy Works For Ongoing Medical Bills And Expenses?

Health is something which one spoilt completely, takes a lot of effort and time to retain, and health issues have always been one of the biggest reasons for bankruptcy in people. Health issues and treatments are something which cannot be ignored and paying continuous bills and rising debts drive a number of people to file bankruptcy. However, a number of people assume that once the bankruptcy is filed, the problem is going to be solved now. However, most of them forget that bankruptcy might solve debt problem but it doesn’t solve the issue of ongoing medical treatments which might continue even after the case has been filed as medical treatments are unavoidable and cannot just be discontinued. So the question which comes in our minds after reading this is, what happens to the ongoing treatments and bills once the person has filed the bankruptcy and mentioned below is the answer.

One of the biggest advantages you have in this whole case is the fact that no medical practitioner can stop giving medical treatment, if there is no money to pay debts. However, this doesn’t mean that you do not have to pay the person and the debt is being accumulated. For this reason you need to contact a bankruptcy lawyer who has experience in medical bankruptcy issues, (also known as Fort Worth Bankruptcy attorney). Once you have appointed a good attorney, it is time to sit with him or her and devise a good strategy which will help you in determining what sort of a plan you want to go for, for your debts and ongoing medical bills, and what will be the best point to file a bankruptcy case.

It could be possible that your medical debt has increased so much that now it is not possible for you to wait for some more time to get done with a few important treatments and then file the bankruptcy case, which means that now you are under more pressure and need to get free from the rising debts continuously. This is a crucial time and you cannot afford to not let a lawyer do the math for you and decide as to which chapter of bankruptcy is going to be suitable for you. Also, A lawyer can also help you in receiving automatic stay grants, which will come up as a temporary relief to your problems. This breather will help you think better and more clearly and you will be able to decide if you want to go ahead with the rest of the process or not. If yes, the attorney will help you devise a step by step plan and a solution for your case.

Apart from the legal part, you can also solve your problem of high debts and treatment costs by being careful and choosing generic brands which are less costly and equally effective. You can even consult your physician and consider his or her advice as to what will be more cost effective for you. These steps of hiring the attorney and watching your step will help you deal with bills even after the bankruptcy is filed.

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Tuesday 18 June 2013

How to Select a Bankruptcy Lawyer in California?

Bankruptcy might be a way to earn money from different people and organizations, but people who are facing it personally know how big a task it is to deal with it, and complete all the related processes without losing it completely. Bankruptcy always is the last option you consider after all the options of paying the debts have been exhausted and this means that now you do not have anywhere to go to pay back your accumulated debts. In this scenario, doing everything without legal knowledge is not the wisest thing to do and hiring a bankruptcy lawyer seems a good bet.

However, with the rising number of bankruptcy cases, the number of lawyers has also increased quite a bit, and if you are living in California, the numbers are even higher. This has led to commercialization and it has become tough to decide which one is the best. This is why, you need to do a thorough research before you decide to select a bankruptcy lawyer in California, and mentioned below are a few tips you can use.

Choose the Ones Which Are Specialized

In your case, you want someone who knows what he or she is saying or doing and thus, just any lawyer wouldn’t do. This is the reason why you need to hire a lawyer who has specialized in the field of bankruptcies, and this can be done by researching on the internet on websites like the National Association of Consumer Bankruptcy Attorneys. Also, do not rush into things and get familiar with the lawyers’ work before you actually sign them up.

Research Well Before You Sign Up

Elaborating on the above statement, research is highly important before you actually decide to let the lawyer help you out. If you do not have a lot of knowledge of law and the qualifications required, it is time to check out their websites, read about the type of cases they have taken up and if they are similar to yours, their educational qualification, and the financial forms they have which will help you in deciding which chapter of bankruptcy you are applicable to. After this step, you will have a few shortlisted lawyers who are suitable for you.

Again, do not rush in and take appointments and plan for meetings so that you can meet them personally. This is because you want to be sure if the lawyer will be able to give time to your case. No matter how good the lawyer is, if he or she is not present when you need the advice, then the purpose of them on board is lost and you cannot afford that.

Do Not Assume High Rates as Better Lawyers

It has been found that the firms which advertise a lot have less lawyers and more of legal assistants, and you cannot fall for this. This is the reason why, do not think that if you hire an expensive lawyer will be more helpful, and you must hire the lawyer who has experience in your type of cases, time on his hands for you and passion for dealing with such cases. All these tips will be helpful in selecting a bankruptcy lawyer in California.

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Thursday 13 June 2013

How San Jose Bankruptcy Lawyers help you to come out from financial problems?

Bankruptcy has become a common thing in US, especially San Jose, and it is something which takes a lot of physical and mental strength to deal with. Bankruptcy process is one that involves a number of legal formalities and if you are someone who doesn’t have much knowledge about it, then you can fall for things you did not want to. In a procedure where others are also involved and not all of them have your best interest in their minds, it is good to have someone who can guide you on every step, someone who knows what he is saying or doing, and can warn you if there is any threat to your path. This someone who knows well about bankruptcy procedure can only be a good San Jose bankruptcy lawyer. San Jose lawyers not only have an in depth knowledge of these cases, they are available whenever you need them and they help you in making the right decision after assessing you situation properly.

There are a number of advantages of having a San Jose lawyer on board. Your lawyer will take away most of your work, and lighten your shoulders from the heavy brunt of calculations and assessments. If you have faced the bankruptcy then you already are going through so much pressure, and calculations of incomes, debts and other formalities just adds to the pressure, which a lawyer will take away. He or she will also help you in filing the forms, assisting in proceedings, considering and determining as to what assets are supposed to be sold to generate money and settle the debts, and also make sure that the payments are filed on time and as per they were scheduled. Most importantly, the lawyer will look at your situation and help you decide as to which chapter of bankruptcy you will file.

Usually San Jose bankruptcy lawyer have a good experience in handling the cases of bankruptcy, and because some on them belong to the law firms, they also have good contacts with outside and legal elements that can help you complete your work much faster, compared to your going alone and doing things. They are also helpful in negotiations with the creditors and get relief in debts, including IRS tax debts. Some people who feel they can handle the bankruptcy procedure on their own usually go through a lot of pressure as there is no one to guide or assist them, which becomes a huge problem when the situation is a delicate one. Due to the lack of a good lawyer, a number of people fall for false debt consolidation and debt settlement companies which trick people who are already suffering and extort more money from them, then what they had to pay. Lawyers also help in introducing better habits of planning and saving the expenses so that he doesn’t face similar problem of debt again. In fact, a person could be able to save for future debts also, and might not even lose a lot of property in the process.

Now you know how and why a bankruptcy lawyer is so important in dealing with bankruptcies, as you never know when you might need a lawyer for expert advice or other legal formalities. Also, to make sure that your personal life doesn’t get highly affected by this whole procedure and you do not lose more than you deserve to in every sphere of life, it is better to hire a good lawyer and keep him or her on board so that you have guidance whenever you need.

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What is a Chapter 13 Bankruptcy Plan?

Bankruptcy is a common scenario in the US and if you or someone in your friends and family are going to go through the similar process, then knowing what it is about is a good idea. Usually, the two most common repayment plans people fall under include the Chapter 7 repayment plan and Chapter 13 repayment plan, and a number of people get confused between these. In this article you will understand what exactly Chapter 13 bankruptcy plan is.

The chapter 13 bankruptcy programs are completely based on the Chapter 13 bankruptcy case and they basically lay out as to how the duration of the repayment plan, the amount the creditor will get paid under this plan, the value which the debtor’s property will be off and other specifications. Once you have registered for the plan, before anything is taken forward the bankruptcy court looks into the case to check if it is genuine or not and then confirms for proceeding. A number of factors and aspects are open to objection from the trustees and the creditors. There are various things which you must understand to get the hang of what this plan is all about and these factors include your obligations, the number of debts to be paid each month, how does the hearing of the plan confirmation takes place, and the options that you have to complete the program.

This repayment plan also begins in a similar way as the Chapter 7 plan as here also you need to fill out forms where you specify the details of your income, property, expenses and debts. These forms need to be filed in the bankruptcy court, which then looks into the matter after you have also filed a workable repayment plan showing the court that you have a plan to repay the debts over a set period of time. The other requirements for this plan include the certificates for income tax returns of the past four years and a certificate of credit counselling from an affiliated agency. Generally, the plan of payments is a monthly process and the debts are supposed to be paid to the trustee who is a person appointed by the court to deal with your case. This trustee is a court official who will in turn pay the amount to your creditors and take the specified statutory commission based on the payable amount. The main aspect of this plan is that if you have to complete all the payments of debts on time so that the plan is completed.

Usually, the length of the repayment plan is fixed with regards to your income level and depending on the different income specifications, three year and five year plans are taken up for the repayment. This is taken with the help of the median income in the United States. Also, an important factor in a Chapter 13 bankruptcy plan is that unlike the Chapter 7 plan you can retain your property and debts are paid from the income. In exchange of this, you have to pay your debtors the value of nonexempt property. These are a few important specifications in relation to the Chapter 13 bankruptcy plan.

This post is shared by Attorneyforbankruptcy.com, which a leading law firm of California. Here you can have detailed information on california chapter 13 bankruptcy attorney and bankruptcy attorney san jose ca.

Tuesday 11 June 2013

Why Most of the Cancer Patients File Bankruptcy?

Bad health and constantly rising medical bills has always been a reason for people to go bankrupt, but naming one ailment which causes people to file the most bankruptcies was not heard before. However, recently a research has shown that the number of cancer patients filing for bankruptcy has increased in double folds. Through the research conducted by Fred Hutchinson Cancer Research Centre, it has been found that “cancer patients were twice as likely to file for bankruptcy as people without cancer.” It is a proven fact now that cancer patients face more economic issues compared to people who are suffering from other diseases. The relationship between cancer and economic hardship is a deeper one and people have 2.65% more chance of going bankrupt than people who do not have cancer.

Another startling discovery which has come out of this research is the fact that young people who suffer from this deadly disease are even more likely to file for bankruptcy, in comparison with the people who are older and are above 65. It has been seen that the reason behind the fact that younger cancer patients file more bankruptcies than the older patients is because of the various medical insurances and securities like Medicare and others. Medical debts can be very pressurizing as they are unavoidable and sometimes they take way more than people had or could afford earlier. Out of these medical debts, cancer care is the most nerve racking with people spending up to 1.3 billion in total for the treatment and care. When a person is diagnosed with cancer, all the reasons of bankruptcy are interlinked, and one of the most important one is that people usually stop working during the initial stages of cancer treatment. This means that the cash inflow has reduced but the outflow has definitely increased to unmanageable levels, and the study shows that 40% to 85% stopped working during the treatment.

Though cancer cannot be prevented once it has inhibited a person, people who are going through the treatment must be able to talk it out and discuss the consequences of their expenditure properly. This can be done by systematically consulting the doctors and hospitals, and requesting them to reduce the bill or sell the medicines at a discounted rate. However, if the bills are ever-increasing and cannot be dealt with small discounts only, bankruptcy is a way out of this problem. Bankruptcy helps you by stopping the debt collectors from charging you medical debts and an agreement where the patient will never have to pay them.

However, bankruptcy could lead to one problem which is that the doctor who hasn’t been paid because of your situation might stop the treatment. To make sure that you are able to tackle this problem a payment arrangement can be worked out with your doctor or the hospital, and a bankruptcy attorney can definitely help out with this. With the help of a good bankruptcy plan which an attorney could devise for you, the problem of paying the doctor even after the bankruptcy has been filed can be continued. This will make sure that even though you do not have the money; your treatment will not stop.

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Monday 10 June 2013

Chapter 13: A better option than Dept Settlement! Why?

We all know what bankruptcy is, and a number of companies and firms deal in debt settlement plan to avoid using the bankruptcy chapters. Though people, in fear of getting into bankruptcy procedure, use the settlement plans, they do not know what exactly they are. A debt settlement plan has a number of folds to it and you might be falling for something you do not want and thus it is better to know what it is. These plans are basically debt relief options formulated to assist in paying of the large accumulated debts, which are not being paid. A number of debt settlement plans are based on false promises which companies make to lure in people who are in need and make some good out money out of the problem. This is why, usually experts advise people to go for chapter 13 bankruptcy rather than a settlement plan, and mentioned below are a few convincing reasons as to why you should choose Chapter 13.

Non Taxable Debt Forgiveness

This is one of the biggest advantages of going in favour of filing a bankruptcy. A person who is going to the extent of filing a bankruptcy is in dire need of money and is not looking forward to paying commissions or taxes at this moment. When you file a bankruptcy the debts which are forgiven do not bring in the requirement of payment of taxes with them. This makes your burden a little less, compared to debt consolidation plans.

Problem of Multi-Creditors Solved

With Chapter 13 bankruptcy filed, you do not have to deal with end number of creditors and suffer the mental brunt time and again. This is because once the court takes the matter, you get much more power as now you can devise your own payment plan keeping in mind your situation and now you have to convince the judge and the Chapter 13 trustee. Once this works out you do not have to worry about constantly engaging with your creditors, which is usually the case when you opt for debt consolidation and settlement plans.

Negative Credit Scores

A good credit score is very important for your finances and money matters, and once you opt for debt consolidation or debt settlement plans it is likely to go low. This is because you can pay the credit cards properly once the creditors agree to settle accounts. Also, if you take a long time to pay debts through one of these programs, it in turn hits your credit score.

There are other advantages too, of bankruptcy plans which debtors do not know, like being able to get rid of the second mortgage with the help of Chapter 13, and being able to modify car loans as well. On top of that, the companies which deal in settlement plans use the emotional factor coupled with a number of myths regarding bankruptcy, to make people fall for their plans, and in the end the debtors end up paying much more than what they were initially supposed to pay. This is why going for Chapter 13 is a better bet compared to debt consolidation plans.

This post is shared by Attorneyforbankruptcy.com, which a leading law firm of California. Here you can have detailed information on california chapter 13 bankruptcy attorney and also can hire bankruptcy lawyer san jose.

Tuesday 4 June 2013

What is the Process of Filing Chapter 7 Bankruptcy Cases?

The recent financial meltdown has left many people in a financial mess. Job cuts and pay cuts have further complicated situations for many people. In such a situation you might be consider filing bankruptcy to get rid of your woes. However filing bankruptcy is the last ditch effort for anyone looking to get out of a financial mess. Before you opt for this you should try out all other repayment options. In the United States there are different chapters under which one can file bankruptcy. Among these chapters, Chapter 7 which is also known as the ‘straight bankruptcy’ is the most preferred one. Here in this short write-up we shall take a look at the basic procedure of filing Chapter 7 bankruptcy cases.

  • To start with you need to hire the services of a professional attorney who specializes in bankruptcy related cases. You can do some research on the Internet or ask for reference from your friends and colleagues. The attorney will guide you through the different stages of filing apart from trying to work out the case in your favor.
  • Along with your attorney you will need to analyze some debts, such as child support obligations as these are not dischargeable in Chapter 7 bankruptcy. If you pledged collateral for a debt your creditor can take the property if the debt isn't paid.
  • Know if you qualify for Chapter 7 bankruptcy. You will have to take the ‘Means Test’ that is based on your income and family size in relation to the mean income of the state you reside in. The mean income is revised on a regular basis and your attorney will guide you on that. In case you fail the Means Test you shall have to choose Chapter 13.
  • If you qualify for Chapter 7 bankruptcy filing you will need to undergo Credit Counseling. You must get credit counseling from a government-approved organization. This has to be done within 180 days before you file. This is very important as without debtor education course your case is likely to be dismissed before you obtain a discharge.

  • Along with the bankruptcy petition you will also need to file a schedule of assets and liabilities, current income and expenditures. All kinds of debts need to be included here. Keep in mind that the petition and other documents need to be filed in the State where you live or where you own a business or have most of your assets depending on your case.
  • Once the petition has been filed the court grants you an automatic stay and this prevents your creditors from filing lawsuits, garnish wages or contact you demanding their dues. This temporarily relieves you from your creditors.

Filing for bankruptcy under Chapter 7 can affect your credit score adversely and your attorney will explain to you these in details. Do not compromise on the choice of attorney as this will ensure you get maximum relief in terms of repayment and right to your assets while filing for bankruptcy.

Attorneyforbankruptcy.com is a leading law firm of California where you can hire most experienced san jose chapter 7 bankruptcy lawyer and tax relief lawyers.

Monday 3 June 2013

What is The Difference Between Income Tax Attorney and Tax Relief Attorney?

Most of us have a vague knowledge about taxes and their laws. These laws can vary from state to state and need thorough legal guidance in understanding. There are several kinds of taxes and you need a good attorney by your side to deal with them. It is not uncommon for most of us to think about an income tax attorney and a tax relief attorney to be one of the same. However there is stark difference between the two it terms of the area of law that they practice. The role of one cannot be interchanged with the other and here in this short write-up we shall try and figure out these differences as well as the things you need to keep in mind while hiring a tax relief attorney.

To start with a tax relief attorney is one who specializes in tax law. A tax relief attorney can help you navigate through devious tax policies from agencies such as the IRS (Internal Revenue Service). They help you reduce your tax debt and also work out a repayment plan that is convenient to you. An income tax attorney on the other hand specializes on how to file income tax returns under income tax law. They deal with all the aspects of your income and taxes under different criteria taking into account all the aspects that should be taken into account while paying income tax.

In most cases you will need to hire the services of a tax relief attorney for your tax relief processes and you need to be extremely choosy in hiring their services. You need to verify the credentials of the tax relief attorney and take a look at the cases they have taken up in the past and the outcome of these cases. They should have experience as a Certified Public Accountant or at least have a background in accounting. You need to know the kind of reputation they hold in the industry as it takes a lot of hard work and skills on the part of a lawyer or a firm to establish strong reputation in the industry. Dealing with the IRS needs a lawyer to have skills to foresee the kind of actions that the IRS would take under certain circumstances and how to manage such situations.

Another thing that you must take note of is the cost of hiring a tax relief attorney. There aren’t any benchmark rates that are prevailing in the industry and it all depends on the skills and the past record of the attorney. However this doesn’t necessarily imply that higher the rates you are likely to expect a judgment in your favor. The way an attorney bills you might also be different. While some attorneys charge you on an hourly basis there are others who might ask you for an upfront payment. In case you aren’t sure of their fees it would be wise to ask them for a detailed quote and they shall get back to you with all the payment and terms.

Attorneyforbankruptcy.com is a leading law firm of California where you can hire most experienced tax relief lawyers and Bankruptcy Lawyer in California .