Fear Of Medical Bankruptcy Among Americans

More than 50% of adults living in America are worried about their household facing a major health issue. They fear medical bankruptcy according to a study made by West Health and Gallup. The worst part of the problem is that this fear is increasing when compared to the last few years. During the last year alone this fear increased by 12% among adults aged between 18 to 29 and by 9% among people ages 30 and 49. Then there is the problem of unpaid bills. Read More +

How To Avoid Defaulting On Your Car Loan

Unfortunately, this has been a challenging year in many aspects. Unemployment is no exception. Many people have seen their hours at work reduced while others have had their jobs disappear altogether. When this happens, it results in making tough decisions regarding when and how to spend your money. This may leave you feeling desperate to keep your car. Nobody would blame you for feeling this way. After all, if you don’t have a vehicle it’s very hard to get anywhere. Fortunately, there are some things Read More +

Bankruptcy And Evictions

Prior to the enactment of the 2005 Bankruptcy Abuse and Consumer Protection Act, the filing of a bankruptcy generally operating as a stay of eviction proceedings. In bankruptcy, this is referred to as the automatic stay. Today, the bankruptcy filing: Does not stay or stop an eviction order or a judgment for possession; If there is no judgment for possession or eviction the bankruptcy filing generally means the eviction is at least temporarily stopped or stayed; The bankruptcy filing does not stay eviction proceedings if Read More +

Determining Applicable Exemptions In Bankruptcy

STEPS 1. Bankruptcy Code Section 522 states that in determining what Exemptions the Debtor shall apply, whether Federal or State Exemptions, one must refer to Bankruptcy Code Section 522(b)(3)(A). The applicable Bankruptcy Section states that the Domicile of the Debtor for the 730 days preceding the filing of the Bankruptcy Petition determines the applicable Exemption. Domicile is generally defined as the place where the Debtor intends to make his or her permanent home. 2. If the Debtor’s Domicile was not in a single State for Read More +

Florida Fraudulent Transfers

Florida has a statutory provision, formally referred to as the Uniform Fraudulent Transfer Act. (726.101) Florida Statute 726.105 governs when transfers are considered fraudulent as to present and future creditors. These ELEMENTS must be present for a transfer to be considered fraudulent: TRANSFER made or OBLIGATION incurred by a DEBTOR CREDITORS claim can arise BEFORE or AFTER the obligation was incurred DEBTOR made TRANSFER with: ACTUAL INTENT to hinder, delay, or defraud any creditor of the debtor OR (CONSTRUCTIVE INTENT) DEBTOR did not receive REASONABLY Read More +

Bankruptcy Proof Of Claims For Dummies

Bankruptcy Rule 3002 governs primarily the deadlines surrounding when a Creditor must file a proof of claim under various Chapters of Bankruptcy. A Creditor that does not file a proof of claim, files such claim late, or has its claim disallowed, may find that it will be excluded from any distribution or dividend available through the liquidation of assets in a Chapter 7 Bankruptcy, or the payment to Creditors of monies in a Chapter 13 Bankruptcy. DAYS 70  Proof of claim is timely filed within Read More +

Credit Card Payments During Coronavirus Pandemic

For several people, a credit card is a significant resource when things are not going well financially. If you have lost a lot of income recently due to the coronavirus pandemic the credit card will be a significant lifeline for meeting your business requirements. However, if you fail to make the payments on time the credit card debt can add up quickly and it can become a long-term financial challenge. But most of the credit card companies are willing to work with their clients affected Read More +

Planning Bankruptcy Filing During Coronavirus Pandemic

There is no denying the fact that coronavirus pandemic has rocked the U.S. economy badly and this has had a terrible effect on the bankruptcy filings. With an upsurge in unemployment and several businesses coming under financial pressure due to the spreading of the pandemic, it is only a matter of time before many businesses declare bankruptcy for handling their debts and make a new beginning as observed by many experts. More than 30 million people across America have become jobless and filed the jobless Read More +

Coronavirus May Lead To Record Bankruptcy Levels?

The Coronavirus is spreading throughout the entire world. Governments have locked down countries, airlines are not flying, and people are ravaging supermarkets to stock up on basic supplies. What does this virus mean for the world and the future? At this moment in time there is going to be stimulus checks going out to low income earners over the next few months. Even with this stimulus check, these small amounts most likely will just help with just buying some groceries. For most people this check Read More +

When Are My Debts No Longer Collectible?

Laws regarding time-barred debts, a debt that is past its legal time window of collection, vary from state to state. This “time window” in which collectors must initiate a lawsuit is formally known as the Statute of Limitations. The Statute of Limitations applies to all types of lawsuits, not just those between debtors and creditors. Anytime someone wants to file a claim, whether it’s regarding a car accident, personal injury, workers’ compensation, product liability, etc. there is an amount of time from the event in Read More +