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January 2016 Archives

Knowing property exemption laws may help in Chapter 13 bankruptcy

Wisconsin consumers who are considering filing for Chapter 13 bankruptcy may have many unanswered questions. While every person's circumstances and financial concerns are unique, Chapter 13 can help an individual who has a regular income regain financial stability without losing valuable assets in liquidation procedures. Bankruptcy filers may need to explore the state laws related to property exemption and how to use those laws to his or her advantage.

Personal debt repayment plan vs. Chapter 13 repayment plan

For many Wisconsin consumers, January is the month when holiday spending on credit cards must be faced. It is also the time when many people commit to proper debt management in the New Year. However, taking charge of overwhelming debt is never easy, and professional help may be required to work on drafting a workable debt repayment plan.

Negotiations may lead to lower medical debt obligations

Many people in Wisconsin are not prepared for the costs of medical procedures. While a visit to an emergency room can cost as much as $700, a hospital can charge up to $10,000 for labor and delivery of a baby, and thousands of dollars can be charged for surgical procedures. However, it is not common knowledge that these fees can be negotiated. The Commonwealth Fund conducted a survey that indicated that 64 million Americans are battling overwhelming medical debt.

Successful debt repayment requires assertive action

It is said that almost one-third of consumers nationwide, including in Wisconsin, accumulate debt over the holidays each year. In fact, financial professionals say many people are still paying off credit card debt from the 2013 and 2014 Christmas seasons. January is the time when debt repayment plans are typically made to pay off holiday debt, and there is never a lack of suggestions to achieve this; however, some plans may worsen the situation.

Unfortunate reality: health insurance won’t necessarily prevent medical bankruptcy, P.3

We’ve been looking in recent posts at the issue of medical debt, and about addressing this debt in bankruptcy. As we noted last time, determining which form of bankruptcy is best for a medical debtor requires an examination of a variety of factors.

Unfortunate reality: health insurance won’t necessarily prevent medical bankruptcy, P.2

In our last post, we mentioned that medical bills are among the leading causes of bankruptcy, and that simply having health insurance doesn’t necessarily protect one from crushing medical debt. For those who do struggle with medical debt, bankruptcy can provide necessary relief. Obviously, debtors need to consider the consequences of filing for bankruptcy, but they should also realize that, at a certain point, bankruptcy is going to help improve their situation.

Unfortunate reality: health insurance won’t necessarily prevent medical bankruptcy, P.1

Health is wealth, the saying goes. Equally as true is the saying, health takes wealth. With the continually increasing costs of health care, health insurance is becoming more and more of a necessity. Fortunately, more Americans are purchasing health insurance as a result of the Affordable Care Act, which is allowing more people to receive the medical care they need.

How are monthly payments determined in Chapter 13 bankruptcy? P.2

In a recent post, we began discussing the way monthly payments are determined in Chapter 13 bankruptcy. As we noted, Form 22C requires debtors to enter the sources and amounts of income they have at the time of the filing. Having the guidance of an experienced attorney is important when filling out Form 22C, since issues can arise from time to time regarding exactly how income should be reported.

Chapter 13 bankruptcy may allow a second mortgage to be stripped

Wisconsin homeowners may be interested to learn that, under certain circumstances, the Bankruptcy Code provides the opportunity to actually discharge a second mortgage by filing for Chapter 13 bankruptcy. This is available to those who are able to meet the terms of the qualification process. Once a filer is approved, the court may change a second mortgage from secured to unsecured debt. In so doing, the debt may be discharged as part of the Chapter 13 bankruptcy process.

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