Huffington Post

Do you feel like your finances have sunk you in the mud and you can’t get out? Sometimes life costs more than you planned. Maybe you have been hit by one of the following top ten causes of filing bankruptcy as reported in the Huffington Post:

  • Medical Expenses
  • Reduced Income
  • Job Loss
  • Credit Debt
  • Divorce
  • Unexpected Expenses
  • Student Loans
  • Utility Payments
  • Foreclosure
  • Bad Budgeting/Overspending

One way or another, you should probably get some help.

Here are just a few of the problems that may come up when filing bankruptcy:

  1. Bankruptcy may not be the right choice. Based on your income, assets, expenses, and liabilities, you may be better off deciding to stick it out. Although most Chapter 7 filings result in the debtor keeping all of their assets, some people could lose more than they counted on by filing bankruptcy.
  2. Filing under the wrong chapter. The bankruptcy laws are often confusing. Filing under the wrong chapter could result in problems that could actually make your financial situation worse.
  3. Applying the exemptions incorrectly. Every state has their own rules for applying exemptions. You may not even be allowed to use your own state’s exemptions!
  4. Missing forms or schedules. The bankruptcy forms are available to anyone with an internet connection. A typical Chapter 7 bankruptcy filing consists of more than fifty pages of forms and schedules. It is important to have all of the right pieces in place.
  5. Skipping the credit counseling requirement. Two different online courses are required: one before filing and another one after. Make sure you get them done in time and in the right order.
  6. Some debts cannot be discharged. Bankruptcy is often the best choice for someone in severe financial trouble. But if most of your debt cannot be discharged, you might be wasting your time.
  7. Your bankruptcy may have consequences for friends and family. Discharge in bankruptcy may resolve some of your financial issues. But are there co-debtors who will be negatively affected by your bankruptcy?

If you have concerns about how a bankruptcy can affect you, consider talking to an attorney.

There is life after bankruptcy. After all, Donald Trump has filed for bankruptcy six times.

Divorce Lawyer - Health Care

Custody Considerations – Health Care

One often overlooked aspect of the divorce process is who pays for our child’s health care.  This is something that most people don’t think about until they already need to use it, but is an important issue.  Most likely, the judge presiding over your case will require all minor children to carry some form of health insurance.  In fact, under the Affordable Care Act (ACA) every minor must have some sort of health insurance.  This can either be through a state run Medicare program or through one of the parents’ company sponsored plans.  This is known as “child welfare” and is usually a non-negotiable item.  In certain circumstances, the state will appoint an attorney to participate as a third party to ensure these needs are met by the final plan. Since insurance is an additional expense for one spouse it technically counts as a form of child support and will count towards the overall monthly child support stipend and can change throughout the year.  If neither parent has access to an employer sponsored plan, your children may be eligible for a state-run Medicare program.  These plans generally have little to no monthly cost and any costs that do occur would be split between the parents. Health insurance can make up a large part of your monthly expenses. Make sure you work with your lawyer on an ongoing basis to ensure you are paying your fair share each month.

Bankruptcy Lawyer - Emergency Fund

Life After Bankruptcy – Set Up An Emergency Fund

People who’ve had large and unforeseen expenses arise can tell you how important having an emergency fund is. Having a cushion for those unexpected expenses such as medical expenses, home or car repairs can go a long way in helping you avoid new debt. These are especially important to people with low income or those living paycheck to paycheck. An emergency fund is essentially money that you have put aside to cover those unexpected expenses. Think of it as an insurance policy , rather than paying premiums to an insurance company, you’re setting aside money for yourself that can be used later. No matter what your income level is, make an effort to build an emergency account of at least $500-$1,000 in a savings account for those emergency situations.