Archive for June, 2014

Medical Bankruptcy: A Growing Phenomenon

Monday, June 16th, 2014
article from Admin

Medical Bills Are Often a Key Cause of Bankruptcy

People who’ve experienced an illness or injury and found themselves buried in bills (even if they have health insurance) may consider filing bankruptcy as a way to get out of debt.

Although people tend to have a lot of questions about filing bankruptcy, bankruptcy was created to help people resolve overwhelming bills so they can move forward

There are two main types of personal bankruptcy:

Chapter 7 bankruptcy (debt repayment plan) involves the debt discharge, which eliminates unsecured debts, which are debts not tied to property, such as medical bills, credit cards, utility bills and some personal loans.

A Chapter 13 bankruptcy filing is a little different, because it involves setting up the filer on an interest-free debt repayment        plan. This is generally best for people who have unsecured debt and secured debt, which is debt tied to property, such as a mortgage, that they want to keep. Chapter 13 bankruptcy has helped millions stop foreclosure, repay their debts and stay in their homes. When you or a loved one is injured or ill, what’s important is focusing on getting better–not worrying about excessive medical bills.

Carolyn Secor is a Clearwater bankruptcy attorney and Clearwater foreclosure attorney serving Palm Harbor, New Port Richey, Oldsmar, Tarpon Springs, Seminole, St. Petersburg and the Tampa Bay area.

If you would like more information on our practice, please consult our website at:

www.bankruptcyfortampa.com
or call (727) 254-1704.


Can I choose which type of bankruptcy to file? How do I choose the right one?

Tuesday, June 3rd, 2014
information article from Findlaw

If you meet the eligibility requirements for both Chapter 7 and Chapter 13 bankruptcy, then you may choose which type to file. Otherwise, you may not have a choice.

Those with an income higher than the median income for a similarly sized family are not eligible for Chapter 7 if they would be able to repay some of their unsecured debt within five years. To be eligible for Chapter 13, you must not exceed a certain level of debt  If you don’t meet the requirements in the Individual Debt Adjustment, then Chapter 13 bankruptcy is not available to you.

Usually, those who have a choice in the matter go with Chapter 7 bankruptcy, since they may be able to have all of their debts discharged (besides the debt covered by the proceeds of liquidated property). Chapter 7 also can be a much faster process than Chapter 13. However, Chapter 13 may be the best option for those who have adequate income and substantial assets. 

In any event, make sure you do your homework before filing for bankruptcy and speak with a bankruptcy attorney in your area and if you have additional questions or would like to start the process please call Carolyn Secor

Carolyn Secor is a Clearwater bankruptcy attorney and Clearwater foreclosure attorney serving Palm Harbor, New Port Richey, Oldsmar, Tarpon Springs, Seminole, St. Petersburg and the Tampa Bay area.

If you would like more information on our practice, please consult our website at:

 www.bankruptcyfortampa.com
or call (727) 254-1704.