What Breast Cancer Bankruptcy Options Exist for Medical Debt?

This is a guest blog post from Nicole, the daughter of a breast cancer survivor. Nicole is a direct witness to the affects that breast cancer can have physically, mentally and for the fortunate that survive, financially onto them and their family.

When the doctor comes in and informs you that you have breast cancer, it’s a whirlwind of emotions. Sometimes going from having cancer to being cancer free can be shorter than the time you financially recover from the diagnosis.

Not only do you have the obvious expenses of doctor and specialist visits co-pay, cost of the chemotherapy and radiation sessions, and the cost to and from the hospital, but you also have other cost that still encompasses your care, but might not be covered. If you have insurance, and depending on your insurance coverage, you could be writing a check to the hospital for your co-payment for treatment 3 to 5 times a week, depending on your cancer treatment. If you’re on a fixed income, this additional cost can be a huge impact on to your family budget. Also, maybe you’re already living paycheck to paycheck and you’ need to place your treatment cost, travel expenses, and other aspects of your care on a credit card or a few.

To obtain some of the best treatment in the area or to see your doctor who might travel from hospital to hospital, the cost of travel can become quite significant. Also, you might need to have a family member or neighbor take you for treatment because you might be too sick to drive, and need to compensate them for their time and expense. Some additional expenses of breast cancer might include the cost of wigs, hats, time off from work during your treatment time and also to regain your strength back, oral medication, and possibly even breast prosthesis post cancer.

Breast Cancer & Bankruptcy

All these cost add up… fast. You’re healthy and cancer free, but you’re now living under a mound of debt and might be unemployed. Now what? For many women personal bankruptcy is an option to consider because the mountain of debt from the treatment creates. Personal bankruptcy options such as a Georgia Chapter 7 or Georgia Chapter 13 bankruptcy filing might be an option for you to explore with an experienced bankruptcy lawyer.

About the Author: Nicole witnessed her mother undergo breast cancer treatment in 2003-2004. In learning more about cancer survivors she has witnessed other women go through the emotional changes and financial struggles of being a survivor.

Filed under: Bankruptcy Information — Tags: , , , , — admin @ 8:36 am

How Do College Students Affect the Unemployment Rate?

Each generation often sees the next in generalizations in a negative light. Sometimes this is deserved, but not always. The job market of today has pushed those with 1-3 years of experience into competition against recent college graduates. Even internship positions once seen as undesirable to anyone other than a college student are becoming more competitive, often with applicants more than double the age of the average college student. With all this negative news around college students and job opportunities, why didn’t the unemployment rate plunge after college graduation last spring?

The answer is simple, college students are not being counted towards the unemployment rate. This can happen for a few reasons. The primary reason is that the college students, for counting purposes, are not “in” the employment pool and thus unemployed, so they can’t be counted. Think of it, college students while in school can’t collect unemployment benefits because there is typically no company to tie them back to. Same applies for recent college graduates. For those looking to get their first full time position, it is easy to see why they are unemployed, but not counted as being unemployed.

The 2011 year has been difficult for college graduates. For example the average 2011 college graduate debt is $22,900. This high debt, combined with credit card debt, and lower salaries is likely to translate to a higher college graduate bankruptcy rate for 2011.

If you have debt questions, including college student or recent graduate bankruptcy questions, contact the Georgia bankruptcy attorneys at Berry & Associates.

Filed under: Bankruptcy Information — Tags: , , — admin @ 7:39 am

What Happens When You File For Bankruptcy?

Millions of Americans have received protection under U.S. bankruptcy law. The bankruptcy code has protected millions of people like you and is designed to be a debt relief tool. There is a misconception of what happens when you file for bankruptcy. While the foundation for bankruptcy is defined on the federal level, each state decides how bankruptcy works.

Question: What Happens When You File For Bankruptcy?

Answer: It is a great question and one that has many answers. Upon filing for bankruptcy the ourt issues a protection. This courted ordered protection stops creditors from contacting you. This includes:

  • Contact from Creditors
  • Garnishments
  • Repossessions
  • Harassing Phone Calls

While you are going through the bankruptcy process the above will not occur. This will allow you to stop worrying about your debt. By worrying about your debt less, you will have an opportunity to begin to move past it and start thinking about the future.

The step of filing for bankruptcy can be a tough one. Sharing your financial information is a sensitive topic for many, especially for those that are in a tough situation. By talking to a bankruptcy lawyer, he will be able to review your options, explain how the U.S. bankruptcy code works, and how it is implemented in Georgia. He can discuss options around Chapter 7 and Chapter 13 bankrupcy and of course, give you a better idea of what happens when you file for bankruptcy in Georgia.

For clients of Berry & Associates, many of our Georgia bankruptcy cases are based in Atlanta. We have helped over 25,000 residents with personal bankruptcy cases. We have over 10 metro Atlanta offices, so it is easy to find a bankruptcy lawyer.

Filed under: Bankruptcy Information — admin @ 7:40 pm

I have $20,000 in Credit Card Debt, can I File for Chapter 7?

Credit card debt can be tough to rebound from, especially when the debt is a large portion of your annual income.

Question: I owe $20,000 in credit card debt. Can I file for Chapter 7 bankruptcy?

Answer: The ability to repay your credit card debt will involve several factors:

  1. Your income (weekly / monthly take home)
  2. Your total debt
  3. Your credit card minimum payment
  4. Your credit card interest rate
  5. Your other monthly expenses

Variable 1 – Your Income:
Your income is one of the biggest variables. It is alot easier for a person with a $75,000 income to repay $20,000 of credit card debt than a person with a $35,000 income.

Variable 2 – Your total debt:
In this case a $20,000 credit card debt may or may not be the big factor in determining if Chapter 7 is the best option. Other debt, including owning a home, a car and other goods. Under Georgia Chapter 7 bankruptcy you are allowed to keep just over $11,000 worth of goods, such as clothes, furniture, wedding bands and some electronics. In summary, you don’t want to have substantial valuable assets when considering if Chapter 7 is right for you. If you have assets that you are looking to protect, a Chapter 13 bankruptcy might be a better option. An Atlanta Chapter 7 bankruptcy lawyer will be able to tell you if Chapter 7 or Chapter 13 is best for you given your asset level

Variable 3 – Your credit card minimum payment:
Just keeping up with the credit card’s minimum payment can be a challenge. If the minimum payment is too high of a percentage of your monthly income, you may be in too deep. Also, if you can repay the $20,000 credit card debt over the course of 3-5 years, Chapter 7 bankruptcy might not be for you.

Variable 4 – Your credit card interest rate:
Your credit card interest rate can mean thousands of dollars over the course of repayment. You’ll want to both know what the interest rate is and how it is calculated. You might be able to negotiate a lower interest rate, thus avoiding a potential bankruptcy or transfer part or all of the debt to another credit card under more favorable terms. Credit cards are typically the highest interest rate a person has.

Variable 5 – Your other monthly expenses:
If your other monthly expenses are high, paying back the $20,000 credit card debt may not be possible. Your bankruptcy lawyer will discuss these other expenses with you and help frame how you can benefit from seeking bankruptcy protection.

With 20 years of experience and over 25,000 cases assisted, Berry & Associates is one of the most experienced group of Atlanta bankruptcy lawyers. Call us, or search the site to find a bankruptcy lawyer.

Filed under: Bankruptcy Information — Tags: , , , , , , — admin @ 9:30 pm

Average 2011 College Graduate Debt is $22,900

The graduating class of 2011 will set a record for having the highest amount of debt upon graduation. That is not the way that many students want to start off their career, but one that many believe is necessary to give them the opportunities in life that they want from their careers. The Wall Street Journal reported about the class of 2011 in May:

Together with loans parents take on to finance their children’s college educations — loans that the students often pay themselves – the estimate comes to about $22,900. That’s 8% more than last year and, in inflation-adjusted terms, 47% more than a decade ago.

Is the level of debt still worth it? Probably, but the amount of time it will take to get free from this debt is going to take years. In Georgia, which experiences a high quality of living, average starting salaries can be lower for recent graduates than in other parts of the country. Starting with $20k of debt can be difficult for a person that is making just over $30k per year in a city such as Atlanta.

While the unemployment rate is much lower for college graduates, so too is the typically the level of debt that they owe. For those that are a college graduate, but are unemployed the risk of bankruptcy can be too real (see college graduates bankruptcy). Mounting credit card debts and the pressure to keep up with car payments and student loans can eat away almost all of a 20-something’s income. Maintaining payments of these debts is obviously more challenging when that person is not employed.

Bankruptcy is an option to free yourself from debt, but it is not an option for everyone. If you have questions about a Georgia Chapter 7 or Georgia Chapter 13 personal bankrputcy, the Atlanta bankrputcy attorneys of Berry & Associates can help.

Filed under: Bankruptcy Information — Tags: , , , — admin @ 7:40 am

Finding a Cobb County Bankruptcy Lawyer in Kennesaw

If you are filing for bankruptcy and live in Cobb County, then you’ll want to know about the Berry & Associates office. Located at 125 Townpark Dr. in Kennesaw, our experienced lawyers can help you navigate through the bankruptcy system, including filing for protection and removing yourself from your financial debt.

Cobb County Chapter 7 and Chapter 13:

Various bankruptcy options are available, depending upon if you are able to negotiate and create a repayment plan based on your income. For those that need a clear separation and do not have substantial assets to protect such as a home, a straight bankruptcy may be a better option. Cobb County residents considering a Chapter 7 or Chapter 13 filing should consider contacting the bankruptcy lawyers at Berry & Associates in the Kennesaw office. Our law firm has helped over 20,000 residents in Georgia go through the bankruptcy system.

Reasons Why Cobb County Residents File for Bankruptcy:

There are a wide variety of reasons why people file for bankruptcy. The common thread that they all have is that they are looking to rebuild their finances by separating from overwhelming debt. For those that are receiving harassing calls from creditors, bankruptcy is a method to end the calls. Those that cannot overcome their debts typically are unable to pay because of unemployment, or underemployment. For those that are underemployed, they are not able to make enough money to catch up to their debts. A final common reason why people file for bankruptcy is because of high medical expenses. Medical debts and bankruptcy tend to be more commonly linked than you would think. For those that have benefited from the physical success of an expensive medical treatment, their physical wellness is often replaced by mental stress of how they will ever repay these debts.

Contact Berry & Associates Cobb County Bankruptcy Lawyers:

Cobb County Kennesaw Bankruptcy Lawyer
Berry & Associates
125 Townpark Dr.
Suite 500
Kennesaw, GA 30144
Tel: (404) 425-5184

Filed under: Bankruptcy Information — Tags: , , , — admin @ 7:05 am

Finding a Gwinnett County Bankruptcy Lawyer

Metro Atlanta has the largest population in Georgia. Gwinnett County is one of the most populated areas. For those that live in Gwinnett, they have already seen the housing market decrease the values of many local homes. This has resulted in an increase in personal bankruptcy filings for both Chapter 7 and Chapter 13.

A few weeks ago RealtyTrac reported that Fulton County lead June 2011 Georgia Foreclosures. That county had 1,235 new foreclosure actions. The county that came in second was Gwinnett. Gwinnett County had 1,129 foreclosures in June 2011, which was about 200 more than the next highest county, DeKalb.

Gwinnett County Bankruptcy Help - Chapter 7 & Chapter 13 Options:

Depending on your level of debt, both secured and unsecured, along with you current income, various bankruptcy options may be available. Not all residents of Gwinnett going through a tough financial time will be good candidates for filing personal bankruptcy. For Gwinnett County residents that have a high amount of debt, bankruptcy options such as Chapter 7 or Chapter 13 may be a good option to explore with a lawyer.

Why People in Gwinnett File for Bankruptcy:

People file bankruptcy for a variety of reasons, including high unemployment, to stop creditors from taking action and because of high medical expenses. Filing for bankruptcy because of medical debts is common, especially for those that have undergone expensive medical treatments. Many people want to be able to pay back their debts, but do not always have the ability to because they are unable to find employment that will allow them to pay down their debts. Filing for bankruptcy can help stop creditors from calling and harassing you.

Contact the experienced attorneys at Berry & Associates if you have Georgia bankruptcy questions. We’d like to be your Gwinnett County bankruptcy lawyer.

Gwinnett County Duluth Bankruptcy Lawyer
Berry & Associates
3235 Satellite Blvd.
Building 400, Suite 300
Duluth, GA 30096
Tel: (404) 425-5181

Filed under: Bankruptcy Information — Tags: , , — admin @ 7:31 am

High Medical Debts are Forcing Me Into Bankruptcy

Each month millions of Georgia residents look at their bills with a sense of anxiety. For many they will see bills such as car loans, credit card payments and housing, including a mortgage or rent payment that is due. Of course there are other types of debts such as student loans, retail storing financing, among others. For thousands of Georgia residents, the previous items are all small compared to high medical debts that they owe. For these residents, the thought a medical debt bankruptcy is very real.

Overcoming High Medical Debts:

It is not easy to overcome high medical debts. Often these debts can go into the tens-of-thousands, if not hundreds-of-thousands. When a medical debt reaches this level, it is often the largest debt that a person has. Very often these debts can have higher obligations than even a person’s home, which traditionally has been known as a person’s largest asset.

A 2007 survey cited that 78% of those filing for bankruptcy filed partly due to illness or the among of debt that resulted because of an illness. This makes medical debts one of the most common reasons people file for bankruptcy. For a person that has survived cancer treatment or another long and costly medical battle, the victory of feeling better physically is often replaced with depression of how the resulting medical expenses will be paid.

Medical Debts and Bankruptcy Lawyers:

Speaking to a bankruptcy lawyer is a good option for a person with high medical debts. When you speak to him, make sure to include your medical expenses. Since these expenses can be so high, it is a critical part of the basic information that you bankruptcy lawyer needs to know. He’ll also need to know what types of secured debt and unsecured debt that you have. Your current income will also be a variable in potential options. If bankruptcy options are available, he’ll let you know. He’ll be able to explain why he is recommending a Chapter 7 or Chapter 13 bankruptcy.

If you are facing high medical debts, consider contacting the lawyers at Berry & Associates. We’ve helped over 20,000 Georgia residents with bankruptcy. We understand how the law can be used for medical expenses in a Georgia bankruptcy filing.

Filed under: Bankruptcy Information — Tags: , , — admin @ 7:57 am

Basic Debt Info Your Bankruptcy Lawyer Needs

Many people are nervous when they meet their bankruptcy lawyer for the first time. Don’t be. He is here to help you through your financial situation. Be as honest with him as possible and as accurate as you can be with your current debts. He will be able to work you through the best set of options, including filing for Chapter 7 or filing for Chapter 13.

Your Total Debt Changes Daily:

You total debt changes daily. When completing paperwork into your debt, but as exact as possible, but don’t worry if it is not precise. For example, if you owe $25,784.39 on your credit card, for discovery purposes, its okay to say that you owe about $25,000. Same goes for your mortgage, if your balance is $116,034.18, it is okay to say you owe about $115,000. These debts will change regularly, so at any point you will not know the exact amount that you owe.

Some Info Needs to be Very Accurate:

Other information needs to be more accurate. For example you should know what your property is worth. Leaving this field blank does not help your bankruptcy lawyer assess your situation. If you aren’t sure, consider checking your last tax appraisal. Your home’s tax appraisal is not going to be the same value that your home can be sold on the market for, but it is a good number to start with. Note: tax appraisals tend to be low. It is not uncommon for a home appraised for $180,000 by your city or county to have a market value of $200,000 or even $225,000+ for example.

If you have questions about the paperwork and information you need prior to meeting with your bankruptcy lawyer, don’t hesitate to call his office. With the right information, the process will be less stressful and he’ll be able to do a better job understanding your financial backgrounds and needs.

If you have any questions about personal bankruptcy, give us a call. We have 11 metro Atlanta locations with an Atlanta bankruptcy office open 6 days a week, including Saturdays.

Filed under: Bankruptcy Information — Tags: , — admin @ 11:36 am

I’m $30,000 in Credit Card Debt, is Chapter 7 Right for Me?

Is there a right time to file for personal bankruptcy? Each person filing for bankruptcy has a unique story, a unique set of circumstances and a unique financial goal. A chapter 7 bankruptcy, also known as a straight bankruptcy, can be a useful tool for a person with high unsecured debt and low assets.

Example: A person owns $30,000 in credit card debt, rents an apartment
In this example the credit card debt is unsecured and since the person rents, instead of owning a home, he may find a Chapter 7 bankruptcy to be an appropriate route. This example also assumes that he does not have substantial valuable assets.

Exception: The person bought a home with 3.5% down in an FHA loan in 2009.
In this example the person has property, which could be at risk to be liquidated. While specific examples can vary, the person in this example likely does have a lot of equity in his property because of 1) he put 3.5% down and 2) the market have been flat, if not decreasing in most of Georgia since 2009. He may be a Chapter 7 candidate. Some areas have gained in value since 2009. Should his property value be higher, not underwater, and he has other valuable protectable assets, he may want to look at other bankruptcy options such as filing for Chapter 13.

What can I keep?
For those that file for a Georgia Chapter 7 there are some items that they can keep. Currently a person can keep just over $11,000 worth of goods, including household goods, clothes, furniture, wedding bands and some consumer electronics such as a personal computer.

Who isn’t a good candidate?
If you own a home with high equity, are a landowner, or have substantial assets and could cover a 3-5 year structured debt repayment plan, Chapter 7 may not be for you. For those in this situation, a Chapter 13 bankruptcy might lead to a better overall financial outcome. Check with you bankruptcy attorney if you have questions.

What’s Next?
Bankruptcy is a tough decision. Fortunately options exist to provide people with a new financial start. Since each situation is different, you may want to contact a bankruptcy lawyer before proceeding with a filing. A law firm such as Berry & Associates has the experience with a personal bankruptcy cases, including Georgia Chapter 7 claims. Contact us online or give us a call to see how we can help.

Filed under: Bankruptcy Information — Tags: , , — admin @ 7:09 am


Ready to Get Help?

Complete the Contact Us Form below and we will call you right away to answer your questions about Bankruptcy. Don't Wait -- Find out if Filing Bankruptcy is your best option today!

Free Bankruptcy Case Review

Name:
Email:
Phone:
City:
State:
How did you find our site?
How Can We Help?
« Newer Posts — Older Posts »


Talk with an experienced bankruptcy attorney today to evaluate your financial situation for free.

Call us toll free at 1-800-414-3328 or from Atlanta Metro area at 404-235-3328