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Essex County Bankruptcy Blog

Are Medical Bills Dischargeable in Bankruptcy?

Are Medical Bills Dischargeable in Bankruptcy.jpgHealthcare is expensive, ridiculously expensive. Regardless of how much money you have saved or how solid your finances are, unexpected medical expenses can absolutely devastate your best-laid plans. This is particularly true when you are under-insured or if your health insurance denies coverage of a claim. All of a sudden, you can find yourself faced with tens of thousands of dollars in medical bills and hospitals harassing you for payment.

Your Retirement Plan in Bankruptcy

Your Retirement Plan in Bankruptcy.jpgTrying to overcome debt problems is a hard, emotionally draining process. For many, it seems like a hopeless spiral of missed payments, juggling credit cards, selling treasured possessions, harassing calls from creditors, and growing interest penalties. If you find yourself in this situation, you need help. When attempts to pay off your debts and to negotiate with your creditors have failed, it is well past time to speak with an attorney for some relief.

Five Signs that Chapter 7 May Be Your Best Choice

Five Signs that Chapter 7 May Be Your Best Choice.jpgNobody wants to file bankruptcy. On either a personal or business basis, no one manages their finances or starts their own business with a vision of financial turmoil. Rather, we work hard, take risks, and do the best we can to provide for our families. Unfortunately, things happen along the way that can send us spiraling down a financial path we did not want to travel.


joint bank account.jpgDo you share a bank account with another person? Has a creditor levied upon that joint account to satisfy a judgment that was entered against one of you? Are you afraid that your money in that joint account will go towards paying off the other person's debt? If so, a recent Appellate Division ruling will come as good news.

Can I File for Personal & Business Bankruptcy Simultaneously?

Can I File for Personal & Business Bankruptcy Simultaneously.jpgAlthough we all know that dealing with money and numbers are supposed to be a logical, black and white process, sans emotion, few of us can act that way-whether we have lots of cash, or a dwindling supply. Financial success can lead us to feeling euphoric, while financial woes send us into deep despair. Sometimes our emotions are also what cause us to use poor judgment when spending, investing, or making business decisions.

Why There Are So Many Scams Surrounding Foreclosure--And How to Avoid Them!

Foreclosure Scam.jpgWhile finding relief from debt may be one of the most significant hurdles you will experience in adult life, serious financial duress is usually a symptom of other, larger problems. These usually arise in the form of unexpected and sometimes long-term crises like a major illness or accident that may be debilitating and cause you to miss out on work, a layoff or loss of substantial hours, a difficult (and expensive) divorce, or perhaps an escalation of debt-to include massive student loans.

You May Prefer Chapter 13 Bankruptcy Over Chapter 7

slafkes two.pngOne of the greatest things we can learn in life is excellent money management skills. Even if you possess such savvy though, life circumstances may arise that cause extreme financial duress beyond your control. This could be due to unemployment and loss of health benefits, even after years working for the same company. Or perhaps you became ill, injured, or debilitated-again, leading to further lack of income when you couldn't work. Many factors can play into financial strain. The key is in finding a solution, even when you may feel as if you have hit rock bottom. At a time like that, it can be hard to confide in anyone due to feelings of embarrassment or shame.

Why Some Debts Cannot Be Discharged in Chapter 7 or 13 Bankruptcy

Why some debts cannot be discharged.jpgIf you have found yourself in serious financial distress, you may feel completely helpless-and very alone-at first. As the calls from debt collectors escalate, bills pile up, and your income is not sufficient to pay them, you may finally seek a final solution in filing for Chapter 7 or Chapter 13 bankruptcy. With the help of an experienced bankruptcy firm like Levitt & Slafkes, PC, you will be able to find the best solution for getting back on the path to financial freedom.

Three to Five Years: Living with Chapter 13 Bankruptcy

Three to Five Years Living with Chapter 13 (1).jpgIf you are considering filing for bankruptcy, whether Chapter 7 or Chapter 13, you may have countless questions. You are probably concerned about impending sacrifices, whether you must give up all or most of your assets and how long will the entire process will last. Many debtors hope to file Chapter 7 bankruptcy as nearly all debts are discharged within a 3 to 6 months period. This is not always feasible though, due to income qualifications (see our recent blog, 'What is the Means Test--And What if I Don't Pass?'). In that case, or for other reasons such as wanting to save a home from foreclosure, you may end up filing for Chapter 13, and wondering what happens in the three- to five-year timeframe.

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