Chapter 7 Bankruptcy Archives - Page 12 of 28

Bankruptcy and Retirement: How to Assess Your Risk

Posted on October 10, 2018by Admin

Many Americans work their whole lives in the hopes of achieving the American Dream: retiring comfortably and living out their last years in rest and relaxation. However, if you are living with debt and nearing retirement, the dream can seem far off. In recent years, seniors have seen a rise in personal debt.

A study published by the Consumer Bankruptcy Project shows a trend regarding bankruptcy and retirement. It showed that more older Americans are filing bankruptcy before entering retirement. The data showed that bankruptcy rates went down for individuals between the ages of 18 and 54 between the years 1991 to 2016. However, the percentage of individuals between the ages of 65 and 74 tripled. The rates went up four times for individuals over the age of 75.

Seniors are realizing that they can protect valuable assets through bankruptcy. Retirement income and savings are out of reach and protected under federal law, including: 401(k)’s, pensions, social security payments, qualified profit-sharing plans, and individual retirement accounts worth up to $1.245 million are all exempt from creditors during bankruptcy.

Rising healthcare costs have attributed to many of the filings. Chapter 7 bankruptcy wipes out medical debt and there is no limit to the amount of medical debt you can discharge in Chapter 7 bankruptcy. According to the Bureau of Labor Statistics, the average person who is the ages of 65 and over spends more than $6,620 annually on healthcare. One recommendation to help save for unexpected healthcare costs is a Health Savings Account (HSA). Contributions to an HSA are pre-tax, and there are no tax penalties made on withdrawals, so long as they are for qualified medical expenses.

Another recommendation for retirement planning is to make what are known as catch-up contributions to your retirement accounts, if you are able to. You are allowed to make extra contributions to 401(k) or IRA plans after the age of 50. The current annual amount allowed is an extra $5,000 for 401(k) plans and $1,000 for IRAs for the 2018 tax year.

As you reach retirement age, plans do change, which means the budget you created for retirement may need adjusting. It is important that you work closely with a financial advisor to keep up with the cost of living and make appropriate changes in your investments in preparation for retirement.

If you have questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Online Auto Lender Faces Scrutiny over Lending Practices

Posted on October 5, 2018by Admin

If you have been struggling to pay your bills and need money quickly, it can be tempting to take out a loan against your car to get the cash. There are many online companies that exist for this exact purpose.

One company, Marlin Financial, has been the focus of recent scrutiny regarding these types of loans. A recent Tampa Bay Times story exposed the laws that Marlin Financial has been accused of breaking, leaving customers with more debt than they originally anticipated. The story featured 20 Marlin Financial customers, as well as former employees, who were approved loans that the company was not legally authorized to make.

In fact, the company’s debt cancellation policy resulted in interest rates that were well over the state limits. The company also deliberately failed to give their customers a chance to take personal belongings that were inside repossessed cars after these belongings were reported.

Marlin Financial now finds itself part of a consumer protection investigation by the Florida Attorney General’s office. One such violation the company is accused of making is the law that requires lenders to tell the car owners where their cars are being held and give them the chance to come and get their personal belongings in the car.

The company is also accused of not listing the fees for their loans as annual percentage rates, which is required by federal law.

Another violation, and arguably the most significant one, centers on Marlin Financial’s business practices and the policies that their customers purchased through their company. Deep within the fine print, the company requires their customers to either elect to purchase their debt cancellation product or decline the purchase. Unless the customers truly understand what this mean, he or she is likely signing on the dotted line with no clue what this could mean for his or her legal rights later.

Customers reported that when trying to decline the option, they were not able to complete the online transaction. Only by clicking “accept” for the debt cancellation policy were they able to successfully complete their application. Legally, debt cancellation should only be optional and viewed as an add-on product, but customers reported that it was essentially required for them to purchase the product.

Purchasing the debt cancellation add-on option ended up costing the borrowers 125 percent of their loan owed, which basically doubles the amount owed. Normally an add-on like debt cancellation is also done through a separate company from the original lender, but Marlin Financial offers an in-house option, which basically means the customers are paying the same company twice for the money lent.

The Florida state agency that licenses lenders like Marlin Financial, the Florida Office of Financial Regulation has received 12 total complaints within the last four years against the company while the Florida Attorney General has received 19. The Better Business Bureau has received a total of 32 complaints in this same period. The Florida Attorney General has opened an investigation into Marlin Financial’s business practices, which is ongoing.

Click HERE to read more on this story.

Bankruptcy Law, Credit, Debt Relief, Foreclosures, Timothy Kingcade Posts

If you are facing foreclosure, Bankruptcy can help.

Posted on September 12, 2018by Admin

Every month, there are a number of Americans who fall behind on their mortgage payments. Some homeowners are able to work out loan modifications with their lenders, but many are not. It may seem counter-intuitive, but when someone is facing foreclosure and is in the middle of a major financial crisis, bankruptcy can be a viable option to help save that person’s home. Ultimately, it depends on your specific financial situation and the type of bankruptcy you file – but bankruptcy can be used as a tool to help keep your home.

The Power of the Automatic Stay

If your home is already set for a foreclosure sale, you may be asking, “how can I make it stop?” Filing for bankruptcy can put a stop to the process or at the very least postpone it. As soon as a petition for bankruptcy is filed, the court issues an order called an “automatic stay,” which puts an immediate halt to all collection activities that were happening to the homeowner before the petition was filed. This automatic stay also applies to foreclosure cases. Creditors (including your mortgage lender) must immediately cease collection attempts. Even if the mortgage lender has the home scheduled for a foreclosure sale, the sale will be postponed during a pending bankruptcy.

How a Chapter 7 Bankruptcy can Help:

Chapter 7 bankruptcy cancels all the debt secured by the home, including mortgages and home equity loans. This type of bankruptcy also goes a step further, thanks to a new law, Chapter 7 also forgives the homeowner for tax liability for losses the mortgage or home-improvement lender incurs because of the homeowner’s default.

How a Chapter 13 Bankruptcy can Help:

If you want to stay in your home and do whatever possible to get caught up on past-due mortgage payments, a Chapter 13 bankruptcy may be the best option. A Chapter 13 bankruptcy is also known as a reorganization bankruptcy. It allows you, as the bankruptcy filer, to work with the bankruptcy trustee to create a repayment plan to catch up on qualifying payments. Chapter 13 bankruptcy plans normally last anywhere between three to five years.

Florida’s Bankruptcy Exemptions

Florida has one of the most generous homestead exemptions in the country and allows homeowners to claim an unlimited value of their primary residence (if the property is not larger than half an acre in a municipality or 160 acres in a non-municipality). To use Florida’s exemptions, you must have resided in Florida for at least 730 days before filing your bankruptcy petition.

Although bankruptcy and foreclosure can be damaging to your credit, sometimes filing for bankruptcy can be the start of rebuilding your credit because it allows you to obtain a fresh start. Foreclosure not only damages your credit, but you are left with the mortgage debt, which will likely result in creditors not considering you for future mortgages. If you find yourself facing foreclosure and are concerned about your financial future, remember that filing for bankruptcy may help save your home.

Bankruptcy Law, Credit, Credit Card Debt, Debt Relief, Timothy Kingcade Posts

More Older Americans Filing for Bankruptcy

Posted on August 6, 2018by Admin

A greater number of Americans who are 65 years of age and older are filing for bankruptcy. The reasons for this increase in bankruptcy filings are numerous, including the loss of pensions, high medical expenses, and lack of savings. Regardless of the reasons, research is consistently showing that individuals at retirement age of 65 years old or older are three times more likely to file for bankruptcy than this age group in previous years.

One reason for this trend is the instability behind the government safety net that was once there for retirees as they left the work force. Social security was always considered a given, something that would support the retiree throughout their remaining years. Retirees are now having to wait longer to receive their full social security benefits, causing them to struggle to make ends meet until that time.

The pension plans they always considered were a given are now replaced with 401(k) plans, which require self-contribution for them to be successful. Many of these individuals are paying out-of-pocket for medical expenses, and many are being forced into early retirement before they are financially ready to live without a reliable, steady income.

According to Consumer Reports, from February 2013 to November 2016, bankruptcy statistics showed that there were 3.6 bankruptcy filings for every 1,000 individuals between the ages of 65 to 74 years old. This number shows a significant increase from the 1.2 bankruptcy filings for every 1,000 individuals in the same age category in 1991.

Looking at all bankruptcy filings made currently, 12.2 percent of those who filed are older than 65 years old. In 1991, only 2.1 percent of all filings were from individuals older than 65. The problem is the generation following this age group is also filing for bankruptcy in greater numbers. The best explanation for why this is occurring are structural shifts for these generations.

Of the reasons given for why they are filing for personal bankruptcy, these filers are reporting medical debt as a leading cause. The recession of 2008 has also been a leading cause for why these aging filers are facing such difficult financial circumstances. The recession wiped out a great deal of their investments, leaving everyone, including this demographic, leaving them with little money to retire with and a small amount of liquid assets with which to pay medical bills. Lastly, many wives in this generation are outliving their husbands, those in the family who were the main breadwinners and the individuals handling the family finances. Once the husband dies, the surviving spouses may not know how to handle the finances, resulting in decisions that could later lead to bankruptcy court. The notion may seem dated, but in this generation, it is an all-too-common occurrence.

For many, bankruptcy offers a fresh start providing the relief needed from collection proceedings and harassment from debt collectors. But what are the signs that it’s time to file for bankruptcy? Debt collectors can be anything but subtle in their efforts to receive payment on a debt, and this added stress can be too much for an older individual. Filing for bankruptcy puts these efforts to a halt and at the very least gives the individual a chance to breathe and to receive relief from this type of communication. If you are filing for Chapter 7 bankruptcy in Florida, you can use Florida bankruptcy exemptions to protect your property, social security and retirement savings. In addition, residents are provided unlimited exemptions for homestead, annuities, and the cash surrender value of a life insurance policy.

Click here to read more on this topic.

Bankruptcy Law, Credit, Credit Card Debt, Debt Relief

The Dangers of Subprime Credit Cards

Posted on August 1, 2018by Admin

When someone has less than perfect credit and is looking to improve his or her credit score, it can be tempting to look to a subprime credit card. In fact, many consumers looking to start from scratch in rebuilding a low FICO score choose subprime credit cards as their preferred method of rebuilding credit. These credit cards, while they work for some, come with their own set of hidden dangers that should be understood before signing on the dotted line.

A subprime credit card is a credit card issued to individuals who carry a lower, substandard credit score or who have a very limited credit history. Normally, these cards have a higher interest rate than other types of credit cards granted to prime borrowers. In addition to the higher rates, these cards also come with extra fees, as well as lower credit limits.

It is estimated that approximately 40 percent of millennials have what is known as subprime credit, according to credit reporting agency, TransUnion. Of the over 16 million Americans who have credit scores lower than 600 have at least one credit card. Many of them have more than one card, each card holding a significant balance.

Many people are under the misconception that to rebuild credit, an individual needs to get a card and maintain a balance, while paying the minimum payments. When the advertisements pop up on these individual’s computer screens, promising a way to build credit through a subprime credit card, it can be very tempting to click on the ad and sign up right then. However, many of these individuals do not understand what the cons are to sign up for a subprime credit card, and they do not do their homework in researching the negative aspects before signing up for the card.

Hidden credit card fees are oftentimes where people get hit the hardest. Fees can even get as high as being 25 percent of what the available credit balance is on the very first day the card is used. At that rate, it can be nearly impossible for the consumer to catch up.

Subprime credit cards also tend to carry nonrefundable yearly costs. Of the unsecured subprime credit cards surveyed, all nine of them had some type of nonrefundable annual cost. On average, this cost is just a little over $150 on the first year the card is used. The annual percentage rate (APR) for these cards can range as high as 30 percent, which keeps the balance high, no matter how hard the cardholder tries at paying down the balance.

TransUnion reported that the average American who has a low credit score carries 2.5 credit cards. Of these individuals who were surveyed, approximately $300 of their income annually goes towards paying the high credit card fees that went along with those cards, not including the monthly interest that they pay on the balance held on each card.

Occasionally, a subprime credit card will have an annual fee that must be paid from the start. These credit card annual fees will appear on the card statements and can take up 25 percent of the cardholder’s credit line. Ideally, the credit utilization ration will be 10 percent, but for individuals with subprime credit, this number is impracticable.

It is for this reason that many credit advisors recommend that a secured credit card be used by someone just coming out of a bankruptcy or in a bad financial situation to rebuild credit. Unlike a subprime card, a secured card holds lower fees and less risk. Many secured cards offer a graduation program, meaning if the cardholder can establish a good payment history, eventually that person will move up to an unsecured credit card with a good rate. Examples of secured credit card programs include the Capital One Secured Mastercard and the Discover it Secured Card. Secured cards often require the cardholder pay an initial deposit through a connected bank account, or, if someone does not have a bank account, programs exist that allow for a secured card to be issued through an approval process and low annual fee.

It is important that the credit card not carry too high of a balance, and that the cardholder pay the minimum balance every month on time. Only use the card for small, manageable purchases, and keep an eye on the cardholder’s FICO score to monitor any changes in a positive or negative direction.

Click HERE to read more on this story.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Miami bankruptcy attorney Timothy S. Kingcade Obtains Successful Order for Chapter 7 Bankruptcy Client

Posted on July 26, 2018by Admin

Court Finds in Favor of Kingcade Garcia McMaken Client- Plaintiff’s Objections to Defendant’s Bankruptcy Discharge Denied

Bankruptcy Attorney Timothy S. Kingcade, founding partner of Miami-based Kingcade Garcia McMaken successfully obtained an Order for his client in a Chapter 7 case (In re: Mirta M. Ramos Case No. 16-27127-BKC-RBR) determining Objection to Discharge. Florida Bankruptcy Judge, Raymond B. Ray signed an order in our client’s favor on July 24, 2018.

“We are extremely pleased with this win for our client. The Court found that the amount of litigation demonstrated the plaintiff’s personal animosity towards our client, especially after he went as far as to request our client’s bankruptcy discharge be revoked,” Kingcade said.

The matter came before the court for trial on April 20, 2018, upon the Plaintiff’s (Anderson Triggs) Complaint seeking revocation of the Defendant’s bankruptcy discharge. The Plaintiff and Defendant are the parents of a minor child with autism and have multiple other pending family law cases with the Court. In addition, the Plaintiff filed a lawsuit against our client in the State Court alleging civil conspiracy, defamation (libel and slander), tortious interference with a business relationship, intentional infliction of emotional distress and invasion of privacy.

The Defendant was the sole witness at trial and a first-time bankruptcy filer. The Court found that she provided credible testimony with honest answers and displayed no intention to deceive the Court. In the end, the Court found in favor of our client and the Plaintiff’s attempts to have her bankruptcy discharge revoked were denied.

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Miami-based Kingcade Garcia McMaken was established by managing partner and bankruptcy attorney, Timothy S. Kingcade in 1996. The firm represents clients throughout the State of Florida in Chapter 7 bankruptcy and foreclosure defense cases. The firm is committed to providing personalized service to each and every client, clearly explaining the options according to the unique circumstances of his or her life. The office environment and the service provided are centered on a culture of superior client care for the financially disenfranchised. All partners and associates at Kingcade Garcia McMaken specialize in consumer bankruptcy and foreclosure and have dedicated their practices to this area of the law. Additionally, all attorneys and staff members at the firm are bilingual speaking Spanish.

For more information visit, https://www.miamibankruptcy.com/.

Bankruptcy Law, Credit Card Debt, Debt Relief, Timothy Kingcade Posts

When Is the Right Time to File for Bankruptcy?

Posted on July 12, 2018by Admin

Making the decision to file for bankruptcy is never an easy one. For some, it can be difficult to get past some of the myths associated with filing for bankruptcy. Sometimes by waiting, an individual facing a lot of debt can find himself or herself in an even worse situation. So, when is the right time to file for bankruptcy?

A recent study from the Consumer Bankruptcy Project and an article from the Notre Dame Law Review highlighted that the longer people wait to file bankruptcy, the more they end up struggling- not only financially, but in their personal lives as well.

The following factors are indicators that you should consider filing for bankruptcy, or at least sit down with an experienced bankruptcy attorney to discuss your options in more detail.

If your debt amount is more than 40 percent of your income. The higher the debt-to-income ratio a person has, the less likely it is he or she will earn enough money to ever pay back the debt;
If you are using debt, such as credit cards or unsecured personal loans, to pay for other debts;
If your debts include items that can be liquidated in bankruptcy, such as medical debt, credit cards or personal loans;
You are using payday loans to help cover necessities before your next paycheck. This is oftentimes a sign your expenses are exceeding your income;
If you are forgoing necessities such as healthcare, prescriptions, or food;
If the collection calls have reached a breaking point;
If you have been threatened with a lawsuit, are being sued by a creditor or your wages are being garnished.

If someone is on the fence as to whether to file for bankruptcy, he or she should schedule a free consultation with a bankruptcy attorney.

Bankruptcy Law, Debt Relief, Student Loans, Timothy Kingcade Posts

Study Finds Parent PLUS Loans to African American Families Can Be Predatory

Posted on June 1, 2018by Admin

College is expensive and finding ways to pay for tuition and associated costs can be difficult for many students, as well as their family members. When options are limited, sometimes parents resort to taking out loans themselves to help their children pay for the costs of a higher education. Recently, one such loan has been criticized, the Parent PLUS loan for its terms and conditions, and also the effect it has on the parents who sign on the dotted line, not fully knowing what they are agreeing to.

A study recently issued by New America reports that a higher percentage of low-income African American parents rely on the use of Parent PLUS loans more than low-income whites. The study recommends making the use of Parent PLUS loans off limits to any family of limited financial means and offering additional, and affordable federal loan options for lower income families.

Families often resort to the parent PLUS loans after their children have maxed out other federal loan options. Many of the features of Parent PLUS loans have given them the reputation of being a loan of “last resort.” The limits tend to be fairly generous, the underwriting limited and the interest rates high.

The repayment options that parents are given on these loans are very limited, which only increases the risk that the borrower parents will default on the loan obligation. By having parents take these loans out, creates a level of “intergenerational debt” that can be crippling.

An additional problem with Parent PLUS loans have been the fact that lenders have issued these loans without evaluating the borrower’s ability to repay them. Without properly qualifying the borrower, issuing the loan simply puts them in a situation where he or she ends up falling behind on payments.

These loans were originally intended for families with more financial resources and in higher income tax brackets whose children may not qualify for need-based aid. In fact, most of the PLUS borrowers are from families earning more than $75,000 annually, many of them coming from upper class, Caucasian families with only 10 percent of Caucasian families earning less than $30,000 taking out these loans. However, for African American families, one-third of these individuals who have ended up taking out a PLUS loan earn less than $30,000, which is the opposite of what the study found with Caucasian families in the same tax bracket.

Because of the high fees associated with these loans, repaying the Parent PLUS loans can be difficult. If the parent is already struggling to make monthly payments, few options exist for that parent when it comes to repayment options. Currently the only income-based payment plan is an income-contingent repay (ICR) plan. To qualify, the parent must convert the loan into a federal Direct Consolidation Loan, and the minimum monthly payment in an ICR is normally 20 percent of that person’s disposable income. The monthly payment may be lower, but the interest rate does not decrease. At some point, it becomes nearly impossible for that parent to get caught up.

The study recommends making these loans off-limits to families in the lower-income categories and encourages the Department of Education to allow students from these brackets to borrow more from themselves rather than resort to having their parents take out these types of loans.

The study also recommends no longer allowing schools to characterize these loans as “aid” in financial aid award letters. They also recommend requiring parents who take these loans out to complete counseling that makes it abundantly clear to them that these loans are their sole obligation and not their children, as well as explain the terms of the loans so that they are clearly understood.

Click here to read more on this story.

For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. There are ways to file for bankruptcy with student loan debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

Millennials Struggle to Keep up Financially with Previous Generations

Posted on May 22, 2018by Admin

The financial crisis may have hit the ’80s generation the hardest. Americans who were born in the 1980s, otherwise known as “millennials,” are finding themselves struggling financially more than generations before them. Following the Great Recession, which began in 2007, individuals born in the ‘80s are at wealth levels which are 34 percent below where they would be had the financial crisis not occurred. Most millennials have to save longer to buy a home, struggle with student loan debt and rising home prices.

The generation known as “millennials” is categorized as being born between 1981 and 1996. According to a report issued by the Federal Reserve Bank of St. Louis, people in this generation are at risk of being termed “the lost generation.”

“Not only is their wealth shortfall in 2016 very large in percentage terms, but the typical 1980s family actually lost ground in relative terms between 2010 and 2016, a period of rapidly rising asset values that buoyed the wealth of all older cohorts,” the report says.

This can be attributed to a number of factors. One major setback this generation faced was entering the workforce as the financial crisis was beginning. In fact, this generation seems to have been hit the hardest for this very reason. Entering the workforce at the time of a recession put these young workers at an immediate disadvantage for earning an income, as well as saving money towards big purchases or retirement.

Once the recession passed and the economy began to improve, these individuals faced difficulty in recovering from the hard hit.

Millennials have been on the receiving end of a 67 percent increase in wages since 1970, but this increase in pay has not kept up with the rising costs of living, including rent, home prices, college tuition, costs for childcare, healthcare, and entertainment.

This generation also has to deal with large amounts of credit card debt, on top of six figure student loan debt. After graduating from college at a time when jobs are not as prevalent, these individuals have had to resort to credit to pay for these expenses.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.

Related Resources:

http://www.businessinsider.com/1980s-millennials-wealth-the-great-recession-2018-5

https://blogs.wsj.com/economics/2018/05/21/crisis-hits-1980s-generation/

Bankruptcy Law, Credit, Debt Relief, Timothy Kingcade Posts

5 Alternatives to Charging Your Medical Bills

Posted on April 13, 2018by Admin

If you are like many individuals today facing serious medical bills, it is important to know that you have options. The rising cost of healthcare, combined with the growing number of Americans without adequate health insurance has led many people to file for Chapter 7 bankruptcy. In fact, medical debt is the No. 1 reason people file for bankruptcy in the U.S. In 2014 alone, an estimated 40% of Americans accumulated medical debt resulting from a health issue. Instead of putting medical expenses on your credit cards or worse signing up for a medical credit card, here are some alternatives that can help you stay out of medical debt.

Enroll in a payment plan. Certain hospitals and doctor’s offices offer payment plans for low-income patients. This will allow you to work out a payment plan directly with the healthcare provider, pay your bill overtime and avoid interest charges.
Ask about charitable funds. If your household income is low enough, you may qualify to have your medical bill completely dismissed. Some hospitals have money set aside to pay for treatment of patients who cannot afford to pay their bill. This is especially common in emergency health situations. However, be warned the paperwork and forms involved is extensive but is worth it in the end.
Negotiate a lower amount. Depending on the circumstances, you may be able to negotiate a lower bill. It never hurts to ask. In some cases, hospitals may agree to settle the debt for less than you owe.
Consider taking out a personal loan. If you have exhausted your other options and still need help paying your bill, consider taking out a personal loan rather than using credit cards. If you have good credit and a stable income, you could qualify for a loan with an interest rate as low as 5 percent.

Click here to read more on this story.

Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.