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June 2019 Archives

Medical expenses can lead to bankruptcy

Many people in the United States suffer from overwhelming medical expenses, stemming from an unexpected injury, medical diagnosis or other ailment. According to a CNBC report, medical debt is the number one cause of bankruptcy in the United States. Approximately 2 million people every year suffer from the effects of medical expenses, and another 643,000 people file for bankruptcy as a result of medical debt.

What are the pros and cons of debt settlement?

If you are struggling with debt from overdue medical expenses, credit card debt, mortgages and other bills, you are not alone. The average American household carries more than $6,700 in debt that revolves from month to month. With high interest rates and minimum payments due, it is easy to get left behind when it comes to paying off your balances. Debt settlement is designed to help people pay off their debt and emerge free and clear of financial stressors.

How to recognize and avoid foreclosure scams

When you have concerns about potentially losing your Florida home, you may be experiencing feelings of desperation, and those feelings of desperation can lead you to believe things you perhaps otherwise would not. At Kingcade Garcia McMaken, we recognize that many people become more susceptible to foreclosure scams when they fear losing their homes, and we have helped many clients avoid falling victim to such scams while otherwise helping them regain control over their finances.

What is a meeting of creditors?

When you file for Chapter 7 bankruptcy, there are several items that must be addressed before your case is completed and your debt is dismissed. Once you are deemed eligible to file for Chapter 7, you must take the mandatory credit counseling course and file your bankruptcy documents with the court. The trustee appointed over your case will then schedule a meeting of creditors, also referred to as a 341 hearing, sometime between 21 and 40 days after the bankruptcy petition is filed. It is important that you understand what goes on during the meeting so that you can be prepared to answer any questions that may come your way.

What is exempt from liquidation in a bankruptcy?

You may have been told that you can lose some property if you file for a Chapter 7 bankruptcy. This information may have dissuaded you from seeking relief. However, it is important for you and other Florida residents to understand exempt and non-exempt bankruptcy assets, so you can make an informed decision.

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