Unfortunately, it’s not enough to have a good job and good insurance. Of those who declared bankruptcy due to medical debt, more than 75 percent were insured at the beginning of the bankrupting illness. High deductibles, co-pays, and loopholes over what may or may not be covered cause the out-of-pocket expenses to skyrocket when an illness is serious. Additionally, when the primary wage earner is unable to work, both the family’s income and job-based health insurance can be lost just when they are most necessary.

The currently growing group struggling to meet medical bills consists of seniors. A variety of factors come into play, and our sluggish economy isn’t helping. Some people have been forced into retirement earlier than expected, while others are finding their retirement investment returns dwindling.

Perhaps these severe problems with our nation’s health care will be addressed and resolved, perhaps not. In the meantime, what should people be doing? Your illness and your medical bills won’t wait until the thousand-page health care reform bill wends its way through Congress. If you’re already facing mounds of debt, if you’re finding it impossible to pay your mortgage and meet your bill deadlines, it may be time to consult a Phoenix bankruptcy lawyer.

Don’t wait until your utilities are cut off or your home goes into foreclosure. Definitely don’t wait until a family member is forced to go without necessary medical care. Instead, explore your options with an expert. A Phoenix Chapter 13 bankruptcy can allow you to keep your home and your automobile while restructuring your debt. Phoenix bankruptcy attorneys are versed specifically in both federal and Arizona bankruptcy laws and can advise you on proper action to take now.

Until true reform comes through, you may need an expert like that in your corner.

Ford has already announced a restructuring and a projected cut of 30,000+ jobs. G.M. has recently retired an old name brand Oldsmobile and is posting losses on a regular basis. Delphi Corp., the largest auto parts supplier for U.S. manufacturers has already declared bankruptcy which makes buyers leary of future parts availability. Most of the other parts suppliers are very close to or are currently declaring bankruptcy.

In the 80′s when Chrysler was having severe finacial woes the government stepped in with million dollar loans and other aid. The government is currently reeling from Katrina, New Orleans, and the war in Iraq. It can’t afford to bail out Ford or G.M. The public opinion is against a government bailout as the economy is not its best. George Bush has too many other problems to deal with like high gas prices, natural gas, Iraq, etc…

So, without a government bailout and no proposed new laws to halt the outsourcing and outflowing of jobs and such to overseas giants like China and Japan, it is only a matter of time before Ford and G.M. go bankrupt. Toyota and Honda have been gunning for the number 1 spot and now that they have it are not going to give it up. The only hope left is with the trucks. Both Ford and G.M. have a bustling truck business and it is their only profitable business. The imports have tried to break into this market and after quite a few years they have not had much success. The majority of trucks are bought by die hard Ford or Chevy people. But, that may also change. Toyota has found that the key may be in Nascar. This could and will lead to other imports getting involved and taking the American out of Nascar. That would eventually happen as they have more money and lower costs.

Basically, with the laws the way they are right now, the U.S. auto manufacturers do not stand a chance. So the question is do we restrain trade with countries like China and Japan, possibly hurt foreign relations, Make it more expensive to buy better built and higher quality imports, etc… Or let democracy, free trade, and a capitalist society have its way giving Americans the best, safest vehicles, for the lowest price? Regardless of how we make our laws, Walmarts or their equivalents will always prevail – the basic premise of Walmart’s founder Sam Walton was to sell the best products to consumers at the lowest price possible. Look at what he did. In a period of 40 years he went from one store to being the largest retailer in the world. Walmart has plans for 2500 stores in China. Maybe the U.S. auto manufacturers could learn something here. Take the imports on at their own game, stop paying multi-million dollar compensation packages to executives that aren’t fixing the company. Maybe they need to pay more attention to what brings the best results in advertising at the least expense. Why is it that some companies must spend millions on advertising and others in the same niche get more results for much less?

Ford and G.M. need to rethink and come out with an attack plan. Go after the imports at their own level. Maybe make a marketing ploy of America and what we may lose. The kids of today aren’t growing up dreaming of Shelby Mustangs and Corvettes. They are driving Honda and Toyotas that they fix up like in the Movie The Fast and the Furious. Maybe its too late.

It was suggested by many that these changes revolutionised the bankruptcy process making it much easier for an individual to go down this route. In reality however, the main reason why people avoid bankruptcy has remained unchanged. This is that they are home owners who do not want to risk losing their property. The loss of property is a likely outcome if a home owner declares bankruptcy because if there is any significant equity, the house will normally be sold to realise this for creditors.

However, this reluctance to declare bankruptcy no longer applies if the homeowner is already resigned to leaving their property. In a situation where an individual knows they are unable to continue to pay the mortgage on their property, it is likely to be repossessed by the mortgage company and they will have to move out. If the individual has unsecured debt outstanding (which will almost always be the case given a likely mortgage shortfall), bankruptcy becomes a very real option as there is no longer a property to lose.

For people who know they will have to leave their property and then want to deal with their unsecured debt liability, the bankruptcy process is relatively simple. The first step is to move into alternative rented accommodation. This should be done before declaring bankruptcy to aid the credit checking process. Once done, the mortgage company can be told that the mortgage on the old house will no longer be repaid and that the house should be repossessed. At this stage it is advisable to complete a voluntary surrender form confirming to the mortgage lender that the property has been vacated. The local council should also be informed so that council tax is no longer charged.

The bankruptcy process can then be completed including any estimated mortgage shortfall in the list of unsecured creditors. This and any other secured debt will be written off by the bankruptcy. In 12 months, the individual will be discharged debt free to continue with their life.

Of course, a solution like this is not suitable for everyone. For example, you cannot continue as a company director if you declare bankruptcy and as such, bankruptcy is not generally possible for directors. However, for the vast majority of people who have no property, the downsides to bankruptcy are minimal. As such it is often an excellent solution for those who have already made the decision to walk away from their property but are worried about being left responsible for a mortgage shortfall.

For people in dire financial straits who are considering bankruptcy, one major hurdle or deterrent can be the question of the cost to declare bankruptcy. But few people actually know exactly what it will cost to declare bankruptcy. This article tackles that subject.

The first thing to consider is the court costs. At present, those are $274 for Chapter 7 and $189 for Chapter 13 bankruptcy. This might seem a little excessive considering the fact that the very reason you require such a service is because you are in a difficult financial situation. However, when you consider the potential of what bankruptcy can do in terms of relieving your financial stress, these costs seem far more reasonable.

However, when considering the cost to declare bankruptcy, the real cost is not in these court fees. As with most legal situations, the real price tag is attached to your lawyer. And you will need a bankruptcy lawyer. There is no way around the fact that fees for bankruptcy attorneys add up sometimes to a hefty chunk of cash. Particularly since reforms to the bankruptcy laws in 2005, which have made the process more complicated for lawyers. But the fact is that you simply have to have a lawyer and in doing so, and in having one you have faith in, you are more likely to file successfully, thus free yourself of much of your financial worry. If you are successful in declaring chapter 7 bankruptcy, you will be freed of many of your outstanding debts, thus freeing up funds to pay these fees. In addition to this, the automatic stay comes into play as soon as you file, which forbids your creditors from contacting you to demand any form of payment, thus making it easier for you to find funds to pay your lawyer.

Want to know how to manage your debt without losing control? Get the right information on Cost To Declare Bankruptcy before you make the important decision. To get the facts on bankruptcy, simply Click Here

You have a house that is rather large, and while you once had the money to pay the mortgage, you now have to declare bankruptcy for that home in Ohio. There are many reasons why you had to declare bankruptcy, but the most prevalent one is because you lost your high-paying job. However, you will find that declaring bankruptcy in Ohio is not an especially difficult process.

About Bankruptcy in Ohio

When it comes to declaring bankruptcy in Ohio, it should be noted that there are several things you should check first in order to truly be considered bankrupt. First of all, there is the matter of how long it has been since you have actually been able to pay your bills. If it is a matter of note being able to pay them for a month, then that is not yet considered bankruptcy.

If you plan on declaring bankruptcy in Ohio, that means that you are unable to pay any of the bills that you have. Some people are able to pay some bills but not others, and this does not make them able to declare bankruptcy. True bankruptcy means that you are unable to pay any of your bills, and that your current income is either nothing or below the poverty level.

So, if you are declaring bankruptcy in Ohio, the first thing that you need to think about is what you can sell in order to repay some of your debt. Some people decided to sell some of their belongings to pawn shops, but you do not necessarily have to do this. First of all, if you still have a considerable amount of money left to pay on your mortgage the bank will repossess your house. This might lessen some of the debt, depending on your financial situation.

Next, the bank might repossess your car too. It really all has to do with how long it has been since you paid your car insurance and other car bills. It also has to do with how valuable you car currently is. For example, a used car in good condition would still be less favorable than a new car in good condition.

Lastly, something that is necessary for you to consider when it comes to bankruptcy is how you lost your job in the first place. While you can find help for getting out of bankruptcy, if you left your previous job on bad terms that might hurt your cause. For more information, search the internet. With the proper research, you are sure to be able to find a way to get a new job, thus eliminating your bankruptcy.

Can I declare my own Bankruptcy? If so how?

This is a question often asked by those who are having debt problems. Since the credit crunch bite in about October 2007, many thousands have seen their ability to pay back debt that they built up in the good times.

Very many have opted to enter simple debt management plans, which can be entered into without penalty when they are ended, if circumstances change.

County Court

Beginning a bankruptcy starts with finding out in which County Court you need to present your petition. Not every county court has what is known as bankruptcy jurisdiction. A call to your local county court and quoting your postcode will allow them to direct you in the right direction.

Documents

You next need to complete your paperwork. The Petition is a mere two pages long and can be completed quite simply. The statement of affairs is longer, running to 35 pages with a whole range of questions. If you feel you need help completing this, there are companies who for a modest fee will help you complete the questionnaire.

When these are completed in full, you need to make three copies. Photocopies are acceptable. It would be better however to produce the forms on a computer and either print off a copy and photocopy it, or print three from a printer. All forms can be downloaded and saved from the government Insolvency website. If you do not have access to a computer, you local court will be able to give you a pack.

Fees

If you are not in receipt of income support you will need to pay a court fee of £150. In addition no matter what your income you will also need to pay the Official Receivers deposit of £360. This goes towards to costs of processing your bankruptcy. These fees are paid at the presiding court when you issue your petition.

Hearing

You need to check carefully what system of hearings your court operates. Some courts, have a turn up and issue system, followed by a hearing later that morning, others have a booking system, which may extend many weeks ahead, others have a system where you file your papers one day and come back for the hearing the next day.

All courts are also different as to how they then make the order. Some courts will simply take the papers to a District Judge who will make an order without seeing you. Others will want to see the bankrupt before making the order.

The Official Receiver

After the Order is made, the OR will call you to arrange an interview. This will take place either in person or over the telephone. It lasts between 1 and 3 hours and takes the form of asking questions on the statement of affairs. You may or may not be asked to agree and income payments agreement. This is where you agree to pay the OR a small amount from your disposable income for 36 months. This is entirely dependent on whether you have spare income left after paying all your bills.

When your debts keep accumulating and are getting out of control, then declaring bankruptcy may just help get you out of this mess. When you take this step, it is a legal indication that you are unable to repay your debts. Once you declare that you are bankrupt, the law stops the creditors from collection of their debts or harassing you. This buys the debtor time to organize himself. Often, most of the debt is written off and the debtor is only required to repay a small percentage.

Declaring bankruptcy also gives one a fresh start. Since you are now debt free, you have a chance to rebuild your finances and avoid debts. When you decide that this the best option for you, you have to be aware of the consequences.  You have to face the fact that your credit rating will be affected for up to ten years. This can make it difficult for you to get a loan or buy a home in the future.

Declaring bankruptcy can also help you get out of credit card debts and medical bills, without putting your home and retirement accounts at stake. Unfortunately though, not all debts are wiped out. Student loan debts and income taxes cannot be wiped out by declaring bankruptcy.

If you decide that this is the best debt solution for you, you should try and make the process as smooth as possible. One way of doing this is by getting in touch with your local court. You can get the relevant documents from the court and ensure that you book an appointment when you will have your case heard.  Acquire the services of a qualified bankruptcy attorney who can guide you on how to fill out the paperwork correctly and can advice you on the best type of bankruptcy that works best for you. Remember, when you decide to declare bankruptcy, it is a last option when you feel your case is extreme.

Bankruptcy is a lengthy insolvency procedure; you should always seek information about alternatives and ensure that these options have been fully explored.

If you are looking to discover how to declare bankruptcy, it is essential that you get bankruptcy advice so you are aware of the bankruptcy process and the risks involved.

Any UK resident who incurred the debts in the UK can declare bankruptcy. But you can also be declared bankrupt without your permission, as creditors can take you to court for as little as a £750 worth of debt.

To declare bankruptcy, you will have to appear in Court in person so that you can present your Bankruptcy application documents which are:
Bankruptcy Petition – Where you petition your bankruptcy and state the reasons wanting to declare bankruptcy
Statement of Affairs – Will detail your assets, liabilities and contact details of all creditors. It is also your declaration of insolvency that you will need to swear on oath.

To declare bankruptcy you will have to pay a court fee. It is possible that the Court fees can be reduced if you are on certain benefits. Currently you will have to pay:
£345 towards the administration of your bankruptcy order
£150 court fee, which may be paid if you are on benefits
£7 for swearing of the statement of affairs in High Court or before a solicitor

After you have presented the documents and paid the court fees, the next step in how to declare bankruptcy is to have a meeting with the District Judge who will decide whether bankruptcy is the best debt solution for you. If it is, your bankruptcy will often be declared on the same day,

You may be asked to have a meeting with an Official Receiver, who will decide how long your bankruptcy order should last (typically 12 months) and  whether to sell your assets and if you can afford to make a additional contributions with an Income Payments Order.

Always seek ethical and expert bankruptcy advice when declaring bankruptcy as there could be other debt solutions which means you do not need to worry about how to declare bankruptcy, and therefore avoid bankruptcy disadvantages.

Different people have different financial conditions and each one has their specific problems. If you are one of those people who is neck-deep in debt with no possible signs of paying them back, then there is the option of bankruptcy for you. If you are able to declare yourself bankrupt, all your existing credits will be absolved and you will be given a second shot at life. But there are far-reaching effects of this in the form of credit rating. When you are declared a bankrupt, all your credit ratings will be discarded and you would not avail of a loan for 10 years. In this case, is it still wise to manage a do-it-yourself bankruptcy?

Due to the above mentioned reasons, it is very necessary that you consult a good lawyer who will be able to provide you with appropriate advice. Though this might seem like a unnecessary expense when you are already bankrupt, hiring a lawyer is a smart move. The lawyer will be able to advise you whether you should take this drastic step, after looking through your finances. Also, there are a lot of new rules which have been incorporated into bankruptcy laws since 2005. This has made filing for bankruptcy on your own ever more impossible.

You should know that there are a couple of chapters under which you can file for bankruptcy. You can be declared a complete bankrupt under chapter 7 while you are accorded a leverage time of 3-5 years in the case of bankruptcy under chapter 13. After having a go through your finances, your lawyer will be able to tell you which bankruptcy will be beneficial for you. This is an important step as this will help you to get you life back on tracks instead of squandering it away even more.

Want to know how to manage your debt without losing control? Get the right information on Do It Yourself Bankruptcy before you make the important decision. To get the facts on bankruptcy, simply Click Here

Bankruptcy is often thought of as something to be avoided at all costs. However, if you have unsecured personal debts which you cannot repay, it could the best way to solve your financial difficulties.

According to the Insolvency Service, approximately 6000 people declare bankruptcy every month in England and Wales. Once declared bankrupt, an individual’s debts are taken away from them and after a year, written off completely. Despite this, many people write off bankruptcy as a solution to resolve their debt because they believe that it will mean that they will lose their home and possessions.

The reality is that in very many cases this is just does not happen and bankruptcy is often the best option to resolve an unsecured debt problem.

Tenants are unlikely to lose their property

If you are a tenant you can declare bankruptcy with little or no risk of losing your home. If you rent from the local Council or Housing Association, then as long as you maintain your monthly rent payments, you will certainly be able to stay in your property if you are bankrupt.

If you rent privately, your landlord will be told that you are bankrupt. The majority of private landlords will not have a problem with this as long as you maintain your rent payments.

Property owners with no equity

The worry about bankruptcy if you are a homeowner is that you will have to give up any equity you have in the property. This very often means that the house has to be sold. However, if you have little or no equity, you will normally be able to keep your house. In these circumstances you can buy back the title to your property for a nominal fee meaning there is no risk to your property in the future either.

Will I lose personal possessions?

It is a myth that if you declare bankruptcy, things such as your washing machine, TV and furniture will be taken away. Household goods will only be taken if they are extremely valuable (for example an expensive painting or antique furniture). As such, the majority of people do not have to worry about losing any of their personal possessions

The only asset that does need to be considered carefully is a private car. If you own a car valued above £1,500 it may be at risk. However, this does not mean that you will automatically lose the vehicle. If there is a specific reason for its requirement, you may be able to keep it. Alternatively a friend or family member could offer to pay any amount of its value over £1,500 thus avoiding its loss.

What if I am a Director?

There are of course some occasions when bankruptcy may not be the right option. This is particularly the case for company directors. If you are a director and wish to remain in this position you cannot declare bankruptcy. Bankrupt individuals are not allowed to act as company directors or act in the capacity of managing a limited company for the period covered by their bankruptcy (normally 12 months).

In addition, there is a certain amount of publicity surrounding bankruptcy. As a bankrupt, your name is advertised in the local newspaper. In addition you are added to the insolvency register which is publicly accessible via the internet.

Clearly, bankruptcy is not right for everyone. However, it is an extremely useful debt solution for many people and certainly should not be overlooked because of misconceptions based on a lack of understanding.

If you are struggling with unsecured personal debt, you should certainly familiarise yourself with bankruptcy and whether it might be right for you.