Tag Archives: filing for bankruptcy

What ‘to do’ to file for chapter 7 bankruptcy

While there may be a stigma to filing chapter 7 bankruptcy, claiming bankruptcy may alleviate everyday stress and financial burdens. If you decide to file for chapter 7 bankruptcy, be mindful to completely and accurately gather and fill out all documents pertaining to your claim.

To seamlessly file your bankruptcy in an accurate and in a timely manner, follow the following key steps for filing chapter 7 bankruptcy with a Tampa bankruptcy attorney.

DO complete the bankruptcy intake packet that you receive on your initial visit at Blick Law Firm.

DO bring all requested documents to your second appointment. **A third appointment may result in an additional fee.

DO value your personal property at garage sale prices your Tampa bankruptcy lawyer can help you keep as much of your personal property as possible.

DO value your cars using the NADA. Also, check with Kelly Blue Book.

DO plan on having a low balance in your checking account the day you file your petition.

DO notify your creditor if you have retained a bankruptcy attorney to assist in your filing process.

DO stop making payments to your credit card accounts.

DO continue making payments on your mortgage and other secured debts.

DO let your Tampa bankruptcy attorney know of any abusive conduct by any debt collector.

DO inform your attorney of any lawsuits in which you might be involved, including personal injury.

DO take your first and second credit counseling classes. Classes in which to attend will be instructed to you by your law firm.

DO bring your driver license and social security card to your appointments and 341 hearing.

DO call Blick Law Firm if you have any questions.

If you are seeking to discharge your debt, contact a Tampa bankruptcy attorney that has the experience and knowledge to accurately file your information. Call Blick Law Firm today at 813-931-0840 to receive your chapter 7 bankruptcy.

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Does filing bankruptcy cover medical debt?

Rising health care costs and the financial situations you may face leads many to medical expenses that can quickly escalate into piles of debt. With more employers cutting insurance contributions, the demand on medical consumers only increases.

Luckily for debtors burdened with medical bills, medical debt is considered an unsecured debt by the bankruptcy courts, and may possibly be discharged in a Chapter 7 bankruptcy.

Researchers from Harvard Medical School and Ohio University conducted a survey of personal bankruptcy filers for 2007 and found that nearly two-thirds of petitions filed personal bankruptcy because of medical-related debts. Of those, nearly 80 percent had health insurance.

Not only can unexpected illnesses bring on bills but the prolonged effects of illness or injury can be loss of work and less income to pay off those bills.

Medical bankruptcy is an especially complex issue, and should be sought for council before proceeding by a Tampa bankruptcy attorney that can help you during your financial hardship. To learn more about your options to discharge medical debt, contact attorney Michael Blickensderfer of Blick Law Firm and ask about our consultation services today! 813-931-0840.

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Can I lose my home if I file bankruptcy?

There are ways to keep your home in bankruptcy. “Automatic Stay” is one of the first advantages of bankruptcy, which will prevent creditors from taking collection action against you. If you are facing foreclosure, the filing of a bankruptcy petition will temporarily suspend the foreclosure action. While the automatic stay will not last forever, it will give you more time to review all of your options.   Attorney Michael Blickensderfer of Blick Law Firm can help you review all of your options before deciding which type of bankruptcy is best for your situation.

Personal circumstances, such as the type of bankruptcy you file, the amount of equity in your home, and whether you own the house jointly with someone else are all factors to consider.  In a Chapter 7 case, while you will lose assets but get rid of debts, you can either formally reaffirm the mortgage loan or, in some judicial districts, just keep making payments. If you fall behind on payments, and have some equity in your home, Chapter 13 bankruptcy may be a better choice for you because it allows you to pay off the arrearages (mortgage) over time and therefore face less risk to losing your home. A critical consideration in a Chapter 13 case is whether a debtor whose home loan is in default can make the larger mortgage payments (the missed payments plus resuming the original payments) over the repayment period.

For more information regarding keeping your home when filing for bankruptcy or general questions about qualifying for Chapter 7 and Chapter 13 bankruptcy call Blick Law Firm today at 813-931-0840.

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Tax Returns being used to file Bankruptcy

The Columbia University Mailman School of Public Health reports that more families have been using their tax rebates to file for bankruptcy.

In 2001, bankruptcies increased 2 percent after receiving rebates but increased 7 percent in 2008, according to research by Tal Gross, an assistant professor of health policy and management at the school.

Overall, Gross found bankruptcy filings fell by more than 50 percent between the two years, presumably due to the Bankruptcy Abuse Prevention and Consumer Protection Act passed in 2005.  Legal fees for filing increased from an average of $921 to $1,477.

While some debate the new law was a good way to weed out unnecessary filings, Gross believes it made it more difficult for families in need to dig themselves out of their financial troubles.

Although bankruptcy has had a bit of a bad rep in the past, it may be the only option for people with medical debt.  Attorney Michael Blickensderfer is knowledgeable in  recent bankruptcy laws and may offer assistance as you face this hardship.

Although filing for bankruptcy remains on one’s credit history for up to 10 years, the credit score may go up as much as 100 points as shortly as a year later.

Call Blick Law Firm today to receive a free consultation regarding chapter 7 bankruptcy  and how you can file and the procedures that go into filing.

Think quick, call Blick. 813-931-0840.

 

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