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Bankruptcy Blog2020-05-06T16:21:57-04:00

Does Bankruptcy Eliminate Medical Debt?

Far too many Americans find themselves in a financial crisis because of soaring medical costs. All it takes is one trip to the E.R. or a bad diagnosis for things to spiral out of control. But there are options. Will your medical debt be eliminated if you declare bankruptcy? Learn more about it and what it means when it comes to medical debt. Is Declaring Bankruptcy to Discharge Medical Debt an Option? Sadly, nearly 1.7 million American households have had bankruptcy due to mounting medical expenses. This type of debt creates major stress [...]

What to Avoid Before Bankruptcy

What to Avoid Before Filing for Bankruptcy What to avoid before bankruptcy should be considered before making any quick decisions. If you are struggling under the stress and burden of unpaid debt, it can be tempting to make rash decisions to get relief. But bankruptcy, while an effective financial solution for some, is a serious legal matter that should be carefully thought out. Unfortunately, many people rush into bankruptcy because of mounting financial pressures without considering whether they are in the best position to file. Here are a few things you should [...]

The Difference Between Secured and Unsecured Debt in Bankruptcy?

If you are thinking about filing bankruptcy, the process can be confusing if you're not familiar with some of the terminology. You'll likely hear your attorney mention the phrases, 'secured debt' and 'unsecured debt.' So, what's the difference between secured and unsecured debt. What Is Secured Debt? Secured debt are loans that are guaranteed, or secured, by a physical asset—typically a house or a car. The physical property serves as collateral for the loan. What Is Unsecured Debt? Unsecured debt are loans that are not guaranteed (secured) by any collateral. This can [...]

What is a Chapter 13 Repayment Plan?

One of the distinguishing characteristics of chapter 13 bankruptcy is the requirement of a repayment plan. Many debtors looking to begin the chapter 13 bankruptcy process often have questions about the repayment plan process. We have created a guide to the repayment plan with everything that you should know. What is a Chapter 13 Repayment Plan? Whereas chapter 7 bankruptcy requires no repayment of debts, chapter 13 bankruptcy requires monthly payments to be made over the course of a three to five-year period. You and your attorney submit a repayment plan for [...]

Is There a Statute of Limitations on Florida Debt?

Falling behind on bills can be overwhelming, and now creditors are constantly hounding you to repay your debt when all you want them to do is stop. When you find yourself drowning in debt and harassed by debt collectors, don’t forget you have rights as a consumer against debt collectors using illegal debt collection practices. If you receive a lawsuit in an attempt to collect your unpaid debt, it is crucial not to ignore the summons. You can fight the lawsuit, and the statute of limitations on debt collection in Florida could [...]

Can You File Bankruptcy on Child Support?

Are you considering filing for bankruptcy while also paying or owing child support? It is vital that you know how this financial obligation affects the bankruptcy process. The courts consider child support to be a priority debt, and so it doesn’t qualify for discharge in bankruptcy. Because of this, if you complete your bankruptcy case and receive a discharge, you are still responsible for your back child support payments. Child Support Takes Precedence Over Other Types of Bankruptcy Debt Bankruptcy and child support are complex issues. It’s important to understand that priority [...]