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Philadelphia Bankruptcy Law Blog

Think carefully about how bankruptcy can help you with debt

Crushing credit card debt is a problem for many Americans. Regardless of why you are in this situation, you likely want a way out of it. You might be sick of the phone calls to demand payment or the mail you get telling you that payments are past due. All of these are signs that you need to take some sort of action.

The action that you take depends on your situation, but one that you might choose to exercise is filing for bankruptcy. This has some significant benefits that you should know about before you file.

Make your holiday gifting plan now to avoid credit cards

Even though Labor Day just passed, now is the time to start thinking about Christmas. One thing that many people don't realize is that they could save themselves a lot of trouble if they would plan in advance since this might give them a chance to avoid having to pull out the plastic to pay for the holiday goods.

There are some very big benefits to paying for the gifts without using credit cards. One of these is that you won't have to stress about how you will pay the bills when the season is over. This is a huge concern because you don't want the presents under the tree to lead to you to financial ruin.

Top 3 foreclosure myths

Owning a home is a goal many people strive towards. If you have finally achieved this and are enjoying the rewards of your hard work, it can be devastating to realize you are no longer able to make payments. You are not alone, though; according to NeighborWorks America, over 80,000 families have homes that will enter foreclosure in a single month.

While the situation is undoubtedly stressful, it is important to remain sane and committed to finding solutions. It is also important that you do not rely on faulty information, such as the following three myths that are often mistakenly believed by people who are dealing with foreclosure.

Be prepared for debts that remain after a Chapter 13 discharge

When you are overwhelmed with debts, it is imperative that you take the time to think carefully about what you are going to do to get the debts under control. One of the options that you have is to file for bankruptcy. Chapter 13 is what some people opt to file because they are able to repay some of the debts that they have.

There are some debts that will remain after the discharge of this bankruptcy. One of these is any debt that you didn't declare. It is very important for you to ensure that you include all of the debts that you need to be part of the bankruptcy in the paperwork you file. If it isn't included on the wage-earner plan, it isn't going to be discharged.

What borrowers need to know about subprime loans

Subprime loans can look tempting but are often a bad idea in the long run. While taking out a subprime loan can seem the best way for some buyers to get the car they need, many find themselves falling into debt and missing payments. With subprime auto loan delinquencies on the rise in recent months, understanding these loans can help you avoid financial pitfalls.

Lenders extend subprime loans to so-called subprime borrowers; typically, this means individuals with a credit score below 600. Generally, higher credit scores tell lenders this borrow will likely make payments reliably. A lower score can signal an increased risk of future delinquency.

Tame your credit card debt and enjoy a fresh financial start

When you have more credit card debt than you care to admit, there is a chance that it is keeping you up at night. You might be wondering how you are going to pay your bills, buy the necessities and keep up with the credit card payments. One option that you have is filing for bankruptcy.

The reason you are in debt doesn't really matter when you need to seek relief from credit card debt. You might have used the credit cards to cover medical bills. You may have needed to pay for daily expenses while you were out of work. Maybe you were able to keep up with the payments until your hours at work were cut.

Understanding IRS debt

When you owe back taxes, your situation differs from someone who got behind on credit card or mortgage payments. IRS debt collection proceeds in specific ways and needs particular methods of resolution.

The first step the IRS takes once taxes become past due is to begin assessing interest and penalties, which continue to increase if you ignore the situation. You should receive a notice from the IRS detailing the amount you owe and any fines.

Avoid these ways of paying off credit card debts

Credit card debt is something that you likely want to say goodbye to as quickly as possible, especially when it is ruining your life. Dealing with credit cards is something that takes some planning. You can continue to make the minimum payments each month, but you likely won't be able to pay it off any time soon doing this.

There are some other ways that you might pay off credit card debt, but many of these are risky. Think carefully about what you are going to do before you start to use any of the following methods.

Bankruptcy can help you take control of your finances

In our recent blog post, we discussed how reductions in Medicaid coverage might eventually lead to more bankruptcy filings. This is a sad reality for some people who are fighting to make ends meet while still being able to get the medical care they need.

For the men and women who are currently staring at mounting medical bills and those who will face them in the future, filing bankruptcy is one option that they have to get a fresh financial start. While some people might frown on having to file bankruptcy, this is sometimes the most responsible way to handle the situation.

Medicaid reductions could lead to more bankruptcy filings

When Obamacare was enacted, the rate of people who had to file personal bankruptcy due to medical bills decreased. With the cuts to Medicaid that are being proposed in Trumpcare bills, the rate of personal bankruptcy filings might start ticking up again.

Medicaid currently covers around 74 million Americans. These are low-income people who need help covering even the most basic medical needs. It is estimated that around 15 million people would lose health care coverage by 2026 if Trumpcare becomes law. Another estimate puts that number at closer to 22 million people who would lose coverage.

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