I Have $100,000 in Medical Bills, Should I File Bankruptcy?

Medical bills are one of the three most common reasons people file for personal bankruptcy. In fact, medical bills are the most common financial reason a person files either Chapter 7 or Chapter 13. Berry & Associates has help thousands of Georgia residents with high medical debt either eliminate or create a repayment plan as a result of high medical bills.

Question: I Have $100,000 in Medical Bills, Should I File Bankruptcy?

Answer: Perhaps. It depends on a few criteria. First, do you have assets worth protecting such as a home or other personal property items of value? If yes, then a straight bankruptcy, also known as a Chapter 7 bankruptcy is not going to be a preferred option. Instead a Chapter 13 bankruptcy, also known as a “repayment plan” is an option worth exploring between you and your lawyer (Read What is a Bankruptcy Repayment Plan?). A Chapter 13 repayment plan is a good option if you have the means of paying back the $100,000 medical bill debt over the course of 3-5 years. If you do not have the means to repay the debt, then a Chapter 7, or straight bankruptcy is a good potential option.

 To summarize, if you are considering your personal bankruptcy options for handling your medical bills, there are two options.

  1. Chapter 7 (straight bankruptcy)
  2. Chapter 13 (repayment plan)

A bankruptcy lawyer is going to be an excellent advocate as to which option, if either, is appropriate for your situation. Deciding to file is not easy, which is why you need to consider how filing for bankruptcy helps you with your short term financial situation and consider the affect it is going to have on your long term financial situation as well. For many with a $100,000 medical debt and no short term method of repayment, having either a straight bankruptcy or Chapter 13 repayment plan can be a means to eliminate debt. Of course the same could apply with lower medical debt amounts, such as $50,000 or higher medical debt amounts such as $250,000.

 - Related: Read High Medical Debts are Forcing Me Into Bankruptcy
 - Related: Read What Breast Cancer Bankruptcy Options Exist for Medical Debt?
 - Related: Read How a Bankruptcy Lawyer can Help with Breast Cancer Debt

Contact Berry & Associates About High Medical Bill Debt:

Have high debt from medical bills? Think bankruptcy is a good option for you? Contact Berry & Associates to review your options. With 10 metro Atlanta locations available, there is a Berry & Associates office near you. We specialize in Chapter 7 and Chapter 13 personal bankruptcy cases.

Filed under: Bankruptcy Information — Tags: , , , — admin @ 7:18 am

The 5 Essentials to Provide Your Georgia Bankruptcy Lawyer

When choosing a bankruptcy lawyer you want to find a person that is experienced with your situation. You want him to be a lawyer that has worked with others in your community and who understands your individual financial situation and has worked with others that have a similar financial situation in the past.

Once you have selected a bankruptcy lawyer there are several factors to consider. For example, are you better qualified for Chapter 7 or Chapter 13? Do you know the difference between Chapter 7 (straight bankruptcy) and a Chapter 13 (repayment plan)? If not, this blog and this website offers a large amount of information on each topic.

Something to consider is how can you help your bankruptcy lawyer provide you with the best service possible. Below are five essential pieces of financial information that you should provide to your lawyer. With this information he will be able to better advise you of what type of financial options are available and will help you determine in what ways you can benefit the most from the U.S. bankruptcy code and Georgia bankruptcy code.

  1. List of Creditors
  2. Past Payroll Stubs (ideal is the last 6 months)
  3. Bank Statements (ideal is the last 3 months for checking, savings, and so on)
  4. Tax returns (ideal is the last 2 years)
  5. Estimated monthly budget (your income and all expenses, including house, cars, credit cards, medical bills and so on)

List of Creditors: This information is going to be critical to your bankruptcy lawyer. When completing this list you will want to include:

  • Creditor Name
  • Amount Owed
  • Account Number
  • Creditor Address

Having this information is not necessarily going to be a quick process. It is a process that needs to occur to get the right information to your bankruptcy lawyer. With this information he is better able to help develop a bankruptcy solution that works best for your situation. If you have questions about how to get this data or why it is needed, don’t hesitate to ask. Your lawyer and his team will be able to answer your questions. Who knows, often when a question is asked, another piece of a person’s finances is uncovered. If you have a question for Berry & Associates, give us a call!

Filed under: Bankruptcy News — Tags: , , , , , — admin @ 8:36 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

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

Finding Berry and Associates Bankruptcy Offices

Berry & Associates has over 10 offices available in metro Atlanta that can help you with a potential bankruptcy case. Our attorneys specialize in personal bankruptcy, including chapter 7 and chapter 13 bankruptcy. We have helped over 25,000 thousand Georgians get back on their feet.

To learn more about an office near you, visit the Berry & Associates location page.

Below is a list of our bankruptcy offices.

Berry & Associates Atlanta | Google Places Map
2751 Buford Highway
Suite 400
Atlanta, GA 30324
Tel: (404) 235-3328

Berry & Associates Cartersville | Google Places Map
807 N. Tennessee St.
Suite 103
Cartersville, GA 30120
Tel: (404) 425-5178

Berry & Associates Conyers
2385 Wall St.
Suite 105
Conyers, GA 30013
Tel: (404) 425-5179

Berry & Associates Dalton | Google Places Map
415 E. Walnut St.
Suite 110
Dalton, GA 30721
Tel: (706) 523-3281

Berry & Associates Douglasville
3400 Chapel Hill Rd.
Suite 327
Douglasville, GA 30135
Tel: (404) 425-5180

Berry & Associates Duluth | Google Places Map
3235 Satellite Blvd.
Building 400, Suite 300
Duluth, GA 30096
Tel: (404) 425-5181

Berry & Associates Gainesville | Google Places Map
105 Bradford St.
Suite C
Gainesville, GA 30501
Tel: (404) 425-5182

Berry & Associates Jonesboro (Morrow) | Google Places Map
7183 Jonesboro Rd.
Suite 100
Morrow, GA 30260
Tel: (404) 425-5183

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

Berry & Associates Newnan | Google Places Map
276 W. Bullsboro Dr.
Newnan, GA 30263
Tel: (404) 425-5185

Berry & Associates Rome | Google Places Map
519 Broad St.
Suite 104
Rome, GA 30161
Tel: (404) 425-5186

Filed under: Bankruptcy Information — Tags: , , , , , — admin @ 8:31 pm

6 Tips on Chapter 7 Georgia Bankruptcy Eligibility

There is actually more to Chapter 7 eligibility than you might think. Did you know you can make more than the median income you may still have a chance to file bankruptcy? This only occurs when you have too little disposable income to pay back debts right. There are many more Georgia Chapter 7 bankruptcy eligibility tips in this guide. Keep reading to get further help.

Do you make more than the median income?
The first tip is one we go over quite often on Georgia Debt Law. If you make less than the median income for our state, which changes every year, then you are eligible for Chapter 7 bankruptcy. If you make more, you cannot file, unless you lack the income to pay on your debts in other ways.

Do you have disposable income?
If you have enough disposable income – income after basic expenses – to pay on some of your debts, you cannot file Chapter 7 if you already make too much money. On the other hand, if you lack the income to pay on debts but still make too much, you may still have a chance to file. Consult with an experienced Georgia bankruptcy lawyer in this situation.

What if you can’t file Chapter 7?
You still have options if you can’t file Georgia Chapter 7 bankruptcy. You can file Chapter 13 bankruptcy, where the only thing stopping you from filing is if you owe too much money (in the hundreds of thousands).

Advantages of Chapter 7
Chapter 7 bankruptcy is a liquidation where assets are sold to pay back your debts. However, few lose much when filing, especially major items like their homes. If you do it right, you can lose very few items as long as you follow the rules and list all your debts. Chapter 7 means you can discharge quite a lot of money. You might have a $100,000 medical bill eliminated by filing. You might save $50,000 on credit card bills. You might discharge enough debt to be able to pay off immediate bills or to simply buy you time to find a new residence. The situation is never good when filing, but you can come out ahead and move on.

Advantages of Chapter 13
Chapter 13 bankruptcy is a debt repayment plan, where you pay on debts over a 3-5 year period. You tend to save less money, but buy yourself some more time. If you make too much to file Chapter 7, you might find some advantages in Chapter 13. With Chapter 13, you can better protect your Georgia home from foreclosure; instead of discharging the debt you can buy time to pay on it.

Get Help with Bankruptcy
If you’re unsure of where to get started with bankruptcy, it’s time to consult with an experienced Georgia bankruptcy lawyer. Eligibility laws can be complex, and do change, so it’s important to get legal help. The first step is to find out if you’re eligible for Georgia Chapter 7 bankruptcy, and a lawyer can help you there.

Filed under: Bankruptcy News — Tags: , , , , , — jmalewitz @ 1:10 pm

4 Rights You Have In Georgia Bankruptcy

Thousands in Georgia file bankruptcy every year. Why? Because it has many advantages. You might be able to save your home. You may be able to save tens of thousands of dollars. You may be able to avoid a wage garnishment. In other words, you stand to save a lot of time, money, and assets. You may not know all your rights when it comes to Chapter 7 and Chapter 13 bankruptcies. This blog guide will go over them.

Your Right to Chapter 7
If you make less than the median income of Georgia residents, you have the right to file Chapter 7 bankruptcy. If you make more, you cannot file. The median income for Georgia residents is as follows:
Family Size 1: Annual Income $40,691
Family Size 2: Annual Income $55,258
Family Size 3: Annual Income $61, 104
Family Size 4: Annual income $68,502

Chapter 7 bankruptcy essentially liquidates your assets with the intent of discharging debts. You may owe $50,000 in medical debt and have no options to pay it, or owe $30,000 on a credit card and fear your wages will be garnished. While the term “liquidation” is used, most lose nothing when filing Chapter 7 bankruptcy, and can stand to save tens of thousands of dollars. You also have the option of affirming the debt.

Your Right to Chapter 13
According to the U.S. courts, “A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.” In other words, you are repaying back your debt, not eliminating it as with Chapter 7 bankruptcy. You almost always have the right to this option. If you’re unsecured debts are less than $360,475 and secured debts are less than $1,081,400, you have the right to file Chapter 13 bankruptcy. Often you may not be eligible for Chapter 7, but are eligible for Chapter 13.

Your Right to a Lawyer
If you are going to file bankruptcy, you should definitely consider hiring an experienced lawyer. For Georgia residents, this is a wise move. Yes, you do have to pay a fee, but you stand to save tens of thousands of dollars. If you filed Chapter 7 bankruptcy, you can save a lot of money. Or if you file Chapter 13, you can buy yourself time to pay on debts and perhaps protect your home from foreclosure.

Your Rights in Foreclosure
One of the best options you have to avoid a foreclosure is to file Chapter 13 bankruptcy. It’s likely you are eligible, and if you are, you can use the filing to put an automatic stay on your home. This stops all collections against you, including any pending foreclosure. With a lawyer’s guidance, you have a chance to save your home. You simply have to understand the rules here – such as not filing too late – to do so.

Filed under: Bankruptcy Information — Tags: , , , , , , , , — jmalewitz @ 5:55 pm

Taking Advantage of Georgia Chapter 7 Bankruptcy

If you are going to file Chapter 7 bankruptcy in Georgia, you might as well do it right, and you might as well take advantage of all the benefits. This blog guide shows you how.

First, Chapter 7 bankruptcy is a liquidation, where you discharge debts at some cost – you might lose some assets. Few lose much in the way of assets, and most debts can be discharged, such as medical, credit card, and mortgage debts. You may have some debts you want to continue paying on if you can afford to, such as on your mortgage, or you stand to lose assets. Chapter 7 bankruptcy is an option, but not your only option. You might consider Chapter 13 bankruptcy, where you repay debt over time and buy yourself some leeway with creditors and on your mortgage.

Second, Chapter 7 bankruptcy should only be used in certain situations. You might have a $50,000 medical debt from when you had no insurance and had to go to the hospital. You might owe $75,000 to credit card companies from a time when you had spending problems. You may be out of work and out of money, and the bills keep coming. On the other hand, if you have a smaller debt, understand that Chapter 7 bankruptcy is a big decision. You will hurt your credit, you may lose some possessions.

Chapter 7 bankruptcy is a fast process. You can be discharged of your debt in a matter of months. That huge medical bill can be gone and you can start rebuilding your credit. Chapter 13 bankruptcy takes much longer to put into effect. And you have to pay on the monies owed. If you file Chapter 13, you typically pay on the debts for 3-5 years.

If you are going to file Chapter 7 bankruptcy, file for effect. Take advantage of all that the filing will do. If you have a large medical bill coming in the mail, you should wait until you get it so you can discharge it with your filing. If you have a credit card bill coming in, perhaps a past due one, wait until you get it to file. In other words, wait until you can discharge the most debt. This is not to say you should spend money and then file, which is illegal. But you should take full advantage of the filing to save money.

Once you have completed Chapter 7 bankruptcy, it’s time to rebuild your credit. Yes, a bankruptcy will hurt your credit, and will show up on your credit report for 10 years. Therefore, you should only use it when you have to. However, it does not ruin your credit either; once you set up some accounts and start paying on your credit cards, you can slowly improve your credit score. Once you get  a better credit score, you can get a larger loan. It’s a very simple process, provided you pay your bills on time.

If you truly want to take advantage of Chapter 7 bankruptcy, it’s time to consider hiring an experienced Georgia bankruptcy lawyer. He or she can help you decide if Chapter 7 is right for you, how to file, and how you can take full advantage of it.

Filed under: Bankruptcy News — Tags: , , , , , , , , , — jmalewitz @ 3:19 pm

Common Georgia Post-Bankruptcy Problems

Whether you file Chapter 7 or Chapter 13 bankruptcy in Georgia, you may be worried about what happens after you file. You won’t be able to get a credit card. You will still owe money. You won’t be able to get a loan. You might have trouble making ends meet. Well, some of these problems have a basis in fact, but some are myths. You can always rebuild credit. You should owe little to nothing. You might have to rebuild your credit before getting a loan. And you may have to be thrifty for some time in order to get new credit cards and loans. But you can get a fresh start.

There are many pitfalls you can avoid when you file for bankruptcy help. After you file, some big decisions need to be made. If you make the right choices – and follow the advice of this guide – you can avoid many post-bankruptcy problems.

Bad Financial Planning
Just because you file bankruptcy does not mean all your problems will go away. Nor will you be able to spend money freely or ignore how you created these problems. Poor financial planning is a leading cause of second and third bankruptcies. You discharge a debt, then go and create a new one. If you can change how you spend money – and budget what you have – you stand to save a lot.

Rebuilding Credit
Another problem people have is in rebuilding credit. Some are taken advantage of by credit repair agencies. These agencies are almost always a dead end. They tend to bend the rules or flat out lie to you about how they can help. In other words, they take advantage of you. Your credit needs time to be repaired. There are no secrets. You might get a secured credit card and slowly improve your credit score. You might start spending money on cards and paying them off immediately. If you follow common sense, you can rebuild your credit.

The Wrong Credit Cards
In order to rebuild your credit, you are going to have to get some credit cards. One common problem people have is getting cards with high interest rates and then spending too much on them. Or you sign up for a plan after hearing some pitches, only to find out about monthly fees you simply should not pay or some other way to take your money. Creditors want money too. They can take advantage of you, so be careful in what credit cards you sign up for.

Using Chapter 7 Correctly
If you are going to file Chapter 7 bankruptcy, do so the right way. You stand to save tens of thousands of dollars, but this is not a get out of jail free card. Sometimes the debts are not your fault, but what you do after a bankruptcy filing can change your life. If you can save money, rebuild your credit, and budget what you have, you can get a fresh start.

Filed under: Bankruptcy News — Tags: , , , , , , , , , , , — jmalewitz @ 5:57 pm

Your Georgia Bankruptcy and Foreclosure Options

If you are facing immense debt or a foreclosure of your home, you may wonder what your options are. You have far more than you might think. You should always consult with an experienced Georgia bankruptcy attorney prior to making any big decisions. This blog guide explains some of the options you have and decisions you’ll need to make.

Your Chapter 7 Option
All bankruptcy discharges debt, just in different ways. Chapter 7 sells off some of your assets in order to pay back debts. You typically lose little, but save a lot of money. If you have a $50,000 medical debt, or a $100,000 credit card debt, or a mortgage you cannot afford after being laid off, you do have options. You can file Chapter 7 bankruptcy to discharge these debts. You may be wondering what you’ll lose. Few bankruptcy filers who follow all the rules lose many assets when it comes to Chapter 7 bankruptcy. Technically your home, car, and other valuables can be taken, but this is a rare and there are ways to protect them. You might discharge other debts and continue paying on your mortgage, for example.

Your Chapter 13 Option
Chapter 13 bankruptcy also discharges debt, but it’s debt you are paying back. You are not eliminating this debt like you are in Chapter 7 bankruptcy nor selling off assets; you are paying it off and not selling anything. If you have an income, Chapter 13 bankruptcy can be a smart option. You stand to protect your home from foreclosure, your car from repossession, your wages from garnishment, and having other valuables taken from you. In Georgia, where foreclosures are a major problem, Chapter 13 bankruptcy can buy you time to pay off your debts and keep your home.

Your Foreclosure Options
Where in some states homes are being foreclosed on at 1 in 800 per month, in Georgia the number is closer to 1 in 250. So every month 1 in 250 homes are being foreclosed on. How can you avoid this? We went over one of your options: to file Chapter 13 bankruptcy. If you file before the foreclosure process is started, the judge will put an automatic stay on all your debts – and this stops collections against you and a foreclosure. If you wait too long, you may still lose the home. You have another option involving Chapter 7 bankruptcy. You might discharge certain debts but continue paying – called affirming the debt – on your mortgage. This way you can both save money and keep your home.

Your Lawyer Options
You have far more options than this, but let’s close with your options in hiring an experienced Georgia bankruptcy lawyer. You can look online, such  as at the Georgia State Bar, found at GABar.com, where you can find many experienced bankruptcy lawyers. You want someone local. You want someone you can afford. And you want someone you can communicate well with. Bankruptcy can take some time. If you hire a lawyer you do not like working with, you can also fire him or her and hire another.

Filed under: Bankruptcy Information — Tags: , , , , , , , , , , , , — jmalewitz @ 3:25 pm


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