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3 weeks 20 hours ago

Medical debt is one of the most common reasons why American’s file for bankruptcy. With the rising cost of medical debt, many are looking to get help or even rid this debt by filing bankruptcy. Filing either a Chapter 7 or Chapter 13 bankruptcy can help you with your medical debt. Here’s how:
Chapter 7 Bankruptcy & Medical Debt: Filing a Chapter 7 bankruptcy will successfully discharge all of your medical debt. There’s no maximum or minimum dollar limit and this is debt that you do not need to pay back. In order to file a Chapter 7, you need to pass a means tests. This test will look at your income & expenses. Keep in mind, you will need to keep paying for your health insurance during and after a Chapter 7 bankruptcy, but your medical debt can be completely discharged after your bankruptcy. You may want to file a Chapter 7 if you are consistent and up to date on all other payments other than your medical debt.
Chapter 13 Bankruptcy & Medical Debt: Filing a Chapter 13 essentially discharges your medical debt, but it will combine your debt & bills and you will still need to pay back some of this debt. Like Chapter 7, you’ll need to see if you qualify for Chapter 13. Chapter 13 is based on your income, debt, bills, equity, assets, etc. Unlike Chapter 7, the debt limit for filing a Chapter 13 is less than $394,725. If your total debt is less than this number, you will be able to have majority of your medical debt dismissed and only pay back a small portion of it.
If you are struggling with medical debt and are interested in filing bankruptcy, but you aren’t sure which you qualify for, call (214) 265-0123 for a free initial consultation with our firm.
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The post Your Medical Debt & Bankruptcy appeared first on Allmand Law Firm, PLLC.



1 month 3 days ago

Bankruptcy can be considered a taboo subject because of the fears and misconceptions about bankruptcy. But sometimes people need a helping hand, and bankruptcy may be right for them. The good news is these negative stereotypes about bankruptcy are usually not true. We’ll discuss some common misconceptions of bankrutpcy and the truth regarding these misconceptions. You’ll be suprised at how forgiving the bankruptcy process can be!
1. Bankruptcy Permanently Kills Your Credit: Bankruptcy will never completely kill your credit. A bankruptcy remains on your credit report for 7-10 years, so you can expect limited access during those years, but it is not permanent. Most people even receive credit card offers right after their successful bankruptcy discharge. Usually, a year after a successful bankruptcy discharge, your credit will even go up. This is based on multiple factors. These factors are capacity, payment history, and your debt to income ratio. After bankruptcy, all three of these factors are improved. As soon as you go and get a new credit card, you now have a large capacity, all your late payments have been wiped off your credit, and your debt to income ratio is much improved.
2. Bankruptcy Discharges All Debt: This is not true. Chapter 7 bankruptcy can discharge most unsecured debts like personal loans, utility bills, credit card charges, and medical bills. Chapter 7 may be able to even discharge secured debts under certain circumstances. Debts that can not be discharged in bankruptcy are child support, spousal support, student loans, and more.
3. I Can Incur Debt Right Before I File For Bankruptcy: You can not. 90 days before you file for bankruptcy, you are presumed to be insolvent. This means you are presumed to be unable to pay all debts owed. If you are maxing out credit cards right before filing for bankruptcy, this can cause major problems when you finally go to file. This is because it will look like you intend to defraud your creditors.
4. You’ll Lose Everything In Bankruptcy: This is far from the truth. Most property in a bankruptcy is exempt. In a bankruptcy, your home, vehicle, and clothes are exempt. Usually, creditors are not interested in the items that aren’t exempt like your air fryer or flat screen tv. So most likely, you’ll be able to keep majority of the items you own.
5. Bankruptcy Filers Are Financially Irresponsible: This is false. No one who filed for bankruptcy wanted to go through a global pandemic. No one intended to lose their jobs. No one intended to become severely ill and rack up thousands in medical bills. Filing bankruptcy should never be a shameful situation. Bad things happen to everyone and not everyone has the funds to pay for everything.
For more bankruptcy myths debunked, click here!
 
The post Bankruptcy Misconceptions & Truths appeared first on Allmand Law Firm, PLLC.



1 month 5 days ago

In May 2021, we reported that Real Housewives of Beverly Hills star, Erika Jayne may be brought in to her estranged husbands bankruptcy case. Now, E! News reports that Jayne is being sued for $25 million by Tom Girardi’s bankruptcy trustee, Elissa Miller. This lawsuits stems from Jayne alledgedly using the funds from Girardi’s company for her extravagant lifestyle.
Erika Jayne allegedly received jewelry and other various luxuries that were purchased using funds from Girardi’s company, Girardi Keese. Erika has stated that due to her not receiving the payments directly from the Girardi Keese comapany, she is not liable and therefore should not have to pay the $25 million back. Per her lawsuit, Jayne charged $14 million on her credit card and another $11 million to shopping vendors. None of these payments made to Jayne from the Girardi Keese company were legitimite firm expenses, but instead used for the sole purpose of Jayne’s lavish lifestyle.
From The Article:

“Even though Erika contends ‘she did not know her husband was maintaining a debt,’ the trustee feels ‘it would be a miscarriage of justice’ if the reality star was allowed to ‘simply walk completely free’ while owing more than $25 million to the estate, according to the filing. ‘Erika signed all of her tax returns, numerous credit card slips, and was well aware of the money she spent on the Debtor’s credit cards and the Debtor’s payment of her personal expenses,’ Miller argues. ‘Her feigned willful blindness and ostrich approach to these expenditures will do absolutely nothing to limit her liability.'”

Erika’s attorney, Evan Borges, claims Erika did not deceive anyone. He claims that “the trustee and her legal team are ‘jumping to conclusions without a full investigation,’ as well as ‘bullying and blaming Erika for actions taken by Girardi Keese for which Erika does not have legal liability.'”
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The post Tom Girardi’s Bankruptcy Trustee Sues Erika Jayne For $25 Million appeared first on Allmand Law Firm, PLLC.



1 month 6 days ago

five-star“Her assurance that there was nothing to be ashamed of, gave us the incentive to proceed.” S.R.
BANKRUPTCYDiane was fabulous during our bankruptcy, guiding us every step of the way. After medical bills got us behind, we didn’t know where to turn and felt uncomfortable filing. Her assurance that there was nothing to be ashamed of, gave us the incentive to proceed. Two years later we had questions in another matter, in which she again went to bat for us without further fees. I would recommend her firm to anyone in financial difficulties.  S.R.
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The post Diane Was Fabulous During Our Bankruptcy appeared first on Diane L. Drain - Phoenix Arizona Bankruptcy Attorney.


1 month 1 week ago

When there is a court judgement against you, one of the ways the creditor can collect on this judgement is by filing a “wage garnishment” to deduct a portion of you paycheck to pay back the debt. In my experience, … Continue reading →
The post How Do I Stop a Garnishment in Alabama appeared first on Vonda S. McLeod, Attorney at Law.


1 month 1 week ago

The Wall Street Journal reports that USA Gymnastics proposed a $425 million settlement in their bankruptcy. This settlement will go to the victims of former gymnastics physician, Larry Nassar.
Larry Nassar is a former physician who has been accused of sexually abusing USA gymnasts as well as student athletes from Michigan State University. Victims who have come forward against Nassar go back as far at 1996. Nassar was sentenced to 40 to 175 years in prison due to him pleading guilty on seven counts of sexual misconduct.
This settlement offer comes 5 years after the first public accusation again Nassar. The hundreds of lawsuits against USA Gymnastics forced them to file for bankruptcy back in 2018. Lawyers representing the victims have accused USA Gymnastics of creating “a toxic environment filled with pressure on young teenage athletes to be seen as compliant in which a predator could flourish.”
From The Article:

“John Manly, a lawyer for many of those gymnasts including Biles, Maroney, and Raisman, as well as the first Olympian to accuse Nassar of abuse, Jamie Dantzscher, said he was supportive of the figure proposed by USA Gymnastics, though he still believed that it was lower and slower coming than it should have been because of USA Gymnastics’ bankruptcy filing. He said he wanted to see changes that would prevent bankruptcy being used in that way in the future. ‘These weren’t bad business decisions or a bad loan. This was systemic coordinated criminal conduct,’ Manly said.”

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The post USA Gymnastics Proposes $425 Million Settlement For Larry Nassar’s Abuse Victims After Bankruptcy appeared first on Allmand Law Firm, PLLC.



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