By Jeff Field | Published May 30, 2023 | Posted in Bankruptcy | Tagged Tags: chapter 11, chapter 7, medical debt | Leave a comment
Using Bankruptcy for Relief from Medical Debt
Unpaid medical bills are among the most common types of debt for which people seek bankruptcy protection. Major medical debt accounts for 40 percent of bankruptcies. Such debt often results from a serious illness or health condition that requires hospitalization, surgery and/or other care. The costs can easily amount to tens of thousands of dollars, Read More
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What Happens if You Can’t Afford to Make Your Chapter 13 Payments?
In a Chapter 13 bankruptcy, you agree to pay off a portion of your outstanding debts over a designated period of time. But many things can happen during the three or five years that a Chapter 13 plan is in place. A job loss, severe illness or other unexpected calamity can disrupt even the best Read More
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Avoiding and Resolving Disputes Over Debt Discharges in Bankruptcy
In consumer bankruptcy cases filed under Chapter 7 or Chapter 13, creditors have the opportunity to object to discharge of debts for a variety of reasons. There are three major categories of discharge objections: underlying misconduct, bankruptcy fraud and misapplication of bankruptcy law. Most discharge disputes can be avoided if a debtor is honest and Read More
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Is it Possible to Keep Some of Your Nonexempt Property in Chapter 7?
In a Chapter 7 bankruptcy, the appointed trustee collects and sells part of the debtor’s assets and then distributes the proceeds to creditors. However, Chapter 7 debtors are not left entirely destitute. Assets that the debtor is allowed to keep are called exempt property. In addition, a Chapter 7 debtor may be allowed to keep Read More
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How Long Must You Wait Before Filing a Second Bankruptcy in Georgia?
Bankruptcy is designed to give debtors a fresh start with their finances. Most people who file for bankruptcy do so only once. However, some debtors find it necessary to file bankruptcy petitions twice or more. While technically there are no limits on the number of times you can seek bankruptcy protection, there are prohibitions and Read More
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How Does an Increase in Income Affect Your Chapter 13 Plan?
Filing for Chapter 13 means committing to a debt repayment plan that typically runs for three or five years. The amount you pay each month is determined at the time the court approves the plan, based on a calculation of the disposable income you have left after paying for food, housing, utilities and other costs Read More
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How Much Does it Cost to File for Bankruptcy?
If you are contemplating bankruptcy, you’re probably wondering how much it costs. You’re probably worried about how you’ll be able to pay for an attorney, too. Bankruptcy costs in Georgia are actually quite affordable and legal fees can usually be managed if the attorney is reasonable. Court filing fees are among the initial costs of Read More
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5 Ways You Can Rebuild Your Credit During Chapter 13
One of the common myths about bankruptcy is that it permanently ruins your credit. But the opposite is true for Chapter 13. While this type of bankruptcy appears on your credit report for seven years after the date of filing, it can serve as a springboard for rebuilding your credit. In fact, you can start Read More
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How Deducting Expenses Can Help You Pass the Chapter 7 Means Test
To qualify for Chapter 7 bankruptcy, most people must pass the means test, which looks at their income, expenses and family size to determine if they have any disposable income that could be used to repay debts. Passing the means test often requires making optimal use of allowable expense deductions. The first step in the Read More
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Improving Your Chances of Buying a Home After a Chapter 7 Bankruptcy
Buying a home after filing bankruptcy can be difficult. A Chapter 7 bankruptcy filing hurts the individual’s credit rating, making it nearly impossible to borrow money immediately thereafter. The bankruptcy stays on a person’s credit report for 10 years. However, there are ways to soften the effects of bankruptcy on the ability to get new Read More
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