The impact of Chapter 7 bankruptcy on divorce settlements
Lynch & Belch P.C. Blog
by bkabritsor
2w ago
Divorce and bankruptcy can significantly impact each other, especially when both occur simultaneously.  Understanding how Chapter 7 bankruptcy affects divorce proceedings in Indiana is necessary for anyone facing these challenging circumstances. Asset division in Chapter 7 bankruptcy In a divorce, Indiana law requires equitable distribution of marital assets. This means that the court divides assets fairly, though not always equally. When one spouse files for Chapter 7 bankruptcy, it complicates this process. The bankruptcy court may place an automatic stay on all property, preventing cre ..read more
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Should you take out a home equity loan to pay off medical debt?
Lynch & Belch P.C. Blog
by bkabritsor
3w ago
Medical debt can be overwhelming and stressful, leading individuals to seek quick solutions. One option some consider is taking out a loan on their home to pay off medical bills. However, this approach is not always ideal. It is essential to weigh the pros and cons of this choice to make an informed decision. What is a home equity loan? A home equity loan allows you to borrow money using your home as collateral. As you pay off your mortgage, you build up equity, which is the difference between your home’s market value and the remaining mortgage balance. A home equity loan enables you to levera ..read more
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Filing for Chapter 7 bankruptcy can give you your life back
Lynch & Belch P.C. Blog
by bkabritsor
1M ago
Filing for Chapter 7 bankruptcy can give you your life back in many ways. This type of bankruptcy can be a fresh start of sorts, as it allows you to eliminate most unsecured debts, such as credit card bills, medical bills and personal loans. By doing so, it can offer relief from constant stress and anxiety. Immediate relief from creditors As soon as you file the bankruptcy petition, an automatic stay goes in place. Creditors must stop all collection activities, including phone calls, wage garnishments and lawsuits. This immediate relief can provide a sense of peace and give you the time to reg ..read more
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Tips for dealing with medical debt collectors
Lynch & Belch P.C. Blog
by bkabritsor
2M ago
Dealing with medical debt collectors can be overwhelming, but understanding your rights and knowing how to respond can simplify the process. Know your rights The Fair Debt Collection Practices Act (FDCPA) safeguards you from abusive practices. Debt collectors cannot harass, threaten, or deceive you, and they must provide accurate information about your debt and respect your privacy. You can also request that they only contact you by mail, not by phone. Request debt validation Always request a validation notice when a debt collector contacts you. This document details the amount owed, the credi ..read more
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Discharging student loan debt in bankruptcy
Lynch & Belch P.C. Blog
by loren.green@thomsonreuters.com
2M ago
Filing for personal bankruptcy can be a good way to get out from under crushing debt, but some types of debt are more difficult to discharge than others. Student loan debt can be especially difficult to escape, but it can be done. The student loan mess Increasingly, employers demand that their employees have a bachelor’s or even a higher degree. At the same time, the cost of higher education has risen rapidly. As a result, millions of Americans have had to take out loans in order to pay for the education they need. More than 90% of these loans are owned by the federal government. By some estim ..read more
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What are the most common sources of medical debt?
Lynch & Belch P.C. Blog
by bkabritsor
3M ago
Medical debt is often a huge source of stress. Even though an individual may try to handle it alone, medical costs still cause a lot of trouble. Knowing where medical debt comes from is important for figuring out how to deal with it. Unexpected hospital bills One reason people may get medical debt is because of unexpected hospital bills. When a person stays in the hospital or visits the emergency room, the costs add up fast. Even if they have insurance, they might still have to pay a lot because of deductibles or charges for going to a doctor who is not in their insurance network. Services not ..read more
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Can you file for bankruptcy if you make good money in Indiana?
Lynch & Belch P.C. Blog
by bkabritsor
3M ago
Bankruptcy can help people dealing with various types of situations. One misconception is that only people with low incomes can file. What about those who make good money? In Indiana, individuals with higher incomes can still seek relief, whether through Chapter 7 or Chapter 13. Means test The “means test” evaluates a person’s income and expenses to determine if they qualify for Chapter 7 bankruptcy. It allows for the discharge of certain debts and is for people who cannot make regular debt payments. Even if you earn a good income, you may still qualify for Chapter 7 bankruptcy. The means test ..read more
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Will Chapter 13 bankruptcy take all of your money?
Lynch & Belch P.C. Blog
by bkabritsor
4M ago
When facing financial trouble, considering Chapter 13 bankruptcy can be overwhelming. A common worry for many is whether or not it will wipe out all of your money. Understanding how Chapter 13 will handle your money can assist you in determining if it is the right choice for you. Protection of assets Chapter 13 bankruptcy allows individuals to create a repayment plan to gradually settle their debts over a period typically lasting three to five years. Unlike Chapter 7 bankruptcy, which may involve liquidating assets to pay off debts, Chapter 13 aims to restructure debts while allowing the indiv ..read more
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How bankruptcy can help you save your house and car
Lynch & Belch P.C. Blog
by willcrainexela
4M ago
People who are struggling with debt may be reluctant to file for bankruptcy because they cannot fathom the possibility of losing their home or vehicle. However, it is possible for many people who file for bankruptcy to keep both their house and their car. Bankruptcy exemptions Chapter 7 bankruptcy allows for the forgiveness of certain dischargeable debts, including credit card balances and medical bills. However, you will have to give up property that is not covered by a bankruptcy exemption. You must live in Indiana for at least 730 days before filing for bankruptcy to use Indiana’s exemption ..read more
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The psychological impact of medical debt
Lynch & Belch P.C. Blog
by bkabritsor
4M ago
Medical debt is a concern for many. Its presence affects not only their financial picture but also their mental and emotional wellness. The burden of owing vast amounts often leads to significant psychological stress. Recognizing the negative psychological upshot of carrying medical debt can be the catalyst for seeking a remedy. Stress and anxiety Constant worry about how to pay off large bills can consume a person’s thoughts, leading to sleepless nights and a persistent sense of dread. This kind of pressure taps into natural concerns, such as an inability to afford necessary care or the possi ..read more
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