New numbers detail the extent of bankruptcy filings in the last year. According to the Administrative Office of the U.S. Courts, the number of non-business bankruptcy filings in the 12 month period ending September 30, 2011, were as follows:
Chapter 7: 1,001,813
Chapter 13: 413,699
Chapter 11: 1,811
Breaking down the numbers even further, the National Bankruptcy Research Center and Professor Ronald Mann, of the Columbia Law School, found that the top states in total number of filings were:
1. Nevada
2. Georgia
3. Utah
4. Tennessee
5. California
They further went on to analyze filings by county and found that the top five filing counties were the following:
1. Shelby County, TN (Memphis)
2. Riverside County, CA (Riverside)
3. DeKalb County, GA (Decatur/Atlanta)
4. Clark County, NV (Las Vegas)
5. San Bernardino County, CA (San Bernardino)
Interestingly enough, they've also found that the top 10 counties so far in 2012 are all located Georgia and Tennessee.
Filing bankruptcy can be complicated and confusing. For more information on Chapter 7 and Chapter 13, or for a free consultation, call me at 330-605-3508 or visit my website at http://www.ohiobankruptcyrelief.com/.
Showing posts with label bankruptcy attorney. Show all posts
Showing posts with label bankruptcy attorney. Show all posts
Wednesday, April 18, 2012
Sunday, March 18, 2012
The Myth of Medical Bills in Bankruptcy
One surprising myth that seems to persist is that medical bills are not dischargeable in bankruptcy. Although the origin of this myth is uncertain, it's one that I hear repeated by people who come into my office. The easy response is that, of course, medical bills are dischargeable.
Medical bills are one of the main reasons that people seek bankruptcy protection. In fact, a report issued by the American Journal of Medicine estimated that over 60% of people in bankruptcy were there solely due to medical bills. Just last year, the Kaiser Commission on Medicaid and the Uninsured issued a report that estimated the number of uninsured Americans had reach 50 million. Many people who are uninsured (or underinsured) can suddenly find themselves with tens of thousands of dollars in medical bills due to an accident or illness. And most of those who cannot afford insurance have no ability to ever re-pay what is owed.
One of the problems with the persistance of this myth is that some people who might be otherwise best advised to seek bankruptcy protection may not seek the help that they need. It is always best to seek the advice of an experienced bankruptcy attorney to review your situation and see if bankruptcy is the right answer.
Filing bankruptcy can be complicated and confusing. For more information on Chapter 7 and Chapter 13, or for a free consultation, call me at 330-605-3508 or visit my website at http://www.ohiobankruptcyrelief.com/.
Medical bills are one of the main reasons that people seek bankruptcy protection. In fact, a report issued by the American Journal of Medicine estimated that over 60% of people in bankruptcy were there solely due to medical bills. Just last year, the Kaiser Commission on Medicaid and the Uninsured issued a report that estimated the number of uninsured Americans had reach 50 million. Many people who are uninsured (or underinsured) can suddenly find themselves with tens of thousands of dollars in medical bills due to an accident or illness. And most of those who cannot afford insurance have no ability to ever re-pay what is owed.
One of the problems with the persistance of this myth is that some people who might be otherwise best advised to seek bankruptcy protection may not seek the help that they need. It is always best to seek the advice of an experienced bankruptcy attorney to review your situation and see if bankruptcy is the right answer.
Filing bankruptcy can be complicated and confusing. For more information on Chapter 7 and Chapter 13, or for a free consultation, call me at 330-605-3508 or visit my website at http://www.ohiobankruptcyrelief.com/.
Sunday, November 14, 2010
Why Not Use A "Debt Settlement Company" And Avoid Bankruptcy?
If you believe that "debt settlement companies" and "debt negotiation companies" are interested in helping you out and are looking out for your best interests, then perhaps you've considered investing in unicorn farms as well. Know who may be your best friend in paying your debts? Your bankruptcy attorney.
The fact is that debt settlement companies have bills to pay too. Some are not-for-profit and some are. But one way or the other, they have employees to pay. So how do they make their money? If a company is not-for-profit, then they are getting their funding from credit card companies. If they don't charge you a fee, then they have to be receiving their funding from somewhere. If they're funded by credit card companies, do you think they're going to do what's in YOUR best interest?
Other companies will charge you a fee for their services. If you use them, you'll find yourself in a situation where you're not only trying to pay your debts (with interest), but you're paying exorbitant fees to this debt settlement company too. And the fact is that many of them do not properly account for the money they receive from their "clients". They may pay your creditors slowly or not at all. And when the creditors don't get paid, who do you think they're going to start coming after? (Hint: the answer is "YOU"). Other companies have a system whereby they hold onto your money until there is enough on hand to pay off one creditor. Does this make sense to anyone? I can tell you that the other creditors will not sit by and patiently wait in line to get paid. Not to mention that many of these companies are just plain shady. Ever hear of Ameridebt? The were one of the largest companies out there "helping" consumers. That is until the Federal Trade Commission shut them down. Guess they weren't so helpful after all.
Almost weekly I have clients come in who are getting sued while working in one of these programs. This is usually the tipping point when they decide that, despite their best efforts, it's time to go in another direction. Unfortunately, some of them have wasted thousands of dollars trying to make arrangements that eventually fail. It's understandable that people want to pay their bills. But you have to understand that you ABSOLUTELY WILL NOT get honest information from these companies. No matter what your situation, they will try to sell you on a plan that is "doable". Chances are, however, that the only thing it will do it fatten their wallets at your expense.
So what to do? If you're thinking about dealing with one of these companies, talk to a bankruptcy attorney FIRST! Sound backwards? Actually, it's the smartest thing you can do. Any good bankruptcy attorney will present you with all of your options and honestly evaluate your situation. Many times, I've advised potential clients who wish to pay back their debts that they should not file for bankruptcy. And for those who want to, but who cannot realistically do it on their own, we explore the option of a Chapter 13 bankruptcy. And bankruptcy attorneys are required to provide you with a written contract that outlines their services and all of the costs. And most good bankruptcy attorneys will give you a free consultation where you can learn about Chapter 7 or Chapter 13 bankruptcy.
I'm an experienced Canton bankruptcy attorney who's filed or managed over 1,000 cases. For more information on Chapter 7 and Chapter 13, call me at 330-605-3508 or visit my website at http://www.ohiobankruptcyrelief.com/.
The fact is that debt settlement companies have bills to pay too. Some are not-for-profit and some are. But one way or the other, they have employees to pay. So how do they make their money? If a company is not-for-profit, then they are getting their funding from credit card companies. If they don't charge you a fee, then they have to be receiving their funding from somewhere. If they're funded by credit card companies, do you think they're going to do what's in YOUR best interest?
Other companies will charge you a fee for their services. If you use them, you'll find yourself in a situation where you're not only trying to pay your debts (with interest), but you're paying exorbitant fees to this debt settlement company too. And the fact is that many of them do not properly account for the money they receive from their "clients". They may pay your creditors slowly or not at all. And when the creditors don't get paid, who do you think they're going to start coming after? (Hint: the answer is "YOU"). Other companies have a system whereby they hold onto your money until there is enough on hand to pay off one creditor. Does this make sense to anyone? I can tell you that the other creditors will not sit by and patiently wait in line to get paid. Not to mention that many of these companies are just plain shady. Ever hear of Ameridebt? The were one of the largest companies out there "helping" consumers. That is until the Federal Trade Commission shut them down. Guess they weren't so helpful after all.
Almost weekly I have clients come in who are getting sued while working in one of these programs. This is usually the tipping point when they decide that, despite their best efforts, it's time to go in another direction. Unfortunately, some of them have wasted thousands of dollars trying to make arrangements that eventually fail. It's understandable that people want to pay their bills. But you have to understand that you ABSOLUTELY WILL NOT get honest information from these companies. No matter what your situation, they will try to sell you on a plan that is "doable". Chances are, however, that the only thing it will do it fatten their wallets at your expense.
So what to do? If you're thinking about dealing with one of these companies, talk to a bankruptcy attorney FIRST! Sound backwards? Actually, it's the smartest thing you can do. Any good bankruptcy attorney will present you with all of your options and honestly evaluate your situation. Many times, I've advised potential clients who wish to pay back their debts that they should not file for bankruptcy. And for those who want to, but who cannot realistically do it on their own, we explore the option of a Chapter 13 bankruptcy. And bankruptcy attorneys are required to provide you with a written contract that outlines their services and all of the costs. And most good bankruptcy attorneys will give you a free consultation where you can learn about Chapter 7 or Chapter 13 bankruptcy.
I'm an experienced Canton bankruptcy attorney who's filed or managed over 1,000 cases. For more information on Chapter 7 and Chapter 13, call me at 330-605-3508 or visit my website at http://www.ohiobankruptcyrelief.com/.
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