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Ways to Rebuild Credit Following a Bankruptcy

People file for bankruptcy for any number of reasons. They may have used credit cards a bit too often. A recent divorce or death in the family may have made times difficult. Or, a string of bad luck involving unemployment and unexpected medical bills may have led to financial problems. Bankruptcy may be the best opportunity for someone to reorganize their finances so that their future earnings are going toward upcoming expenses instead of past mistakes. Even though filing for bankruptcy is a major decision, the financial improvements you see should start immediately. However, those who file should also be concerned with overcoming the negatives associated with it. A recent study showed that, over time, people who file for bankruptcy match non-filers in important measures like home ownership, savings, and credit card use. If you are considering filing for bankruptcy, a Kansas City bankruptcy attorney can explain the effects of…
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Do I Pass the Chapter 7 Means Test?

Have Your Situation Reviewed by a Kansas City Bankruptcy Attorney Chapter 7 is a type of bankruptcy that allows you to discharge all or most of your unsecured debts while protecting your property from creditors. Not everyone is entitled to file for Chapter 7 bankruptcy, however. You must pass what is known as the Chapter 7 means test. The means test determines that your income levels are low enough to justify bankruptcy and looks at the amount of disposable income to pay unsecured debts. If you are unsure about any of the following criteria, speak with a bankruptcy lawyer near you to discover the best solution to your financial obstacles. Steps to the Chapter 7 Means Test There are two steps to the means test: Are you above or below your state’s median yearly income level for your type of household? In 2014, the median incomes for Missouri households were…
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Recovering Money Owed to You via Collections Services

The Federal Fair Debt Collection Practices Act outlines methods by which debt collectors can go about collecting money from debtors. Below are some of the key provisions: Collectors cannot contact you before 8 a.m. or after 9 p.m. without your permission. Collectors cannot contact you at work if they know that your employer disapproves. You can write a letter to a debt collector and they must immediately stop contacting you. The debt collector can contact you a final time to let you know that the collector or creditor plans to take a specific action. Within five days after the collector contacts you, the collector must send notice of the amount you owe, the name of the creditor, and what you can do if you do not believe that you owe the money. While this Act aims to ensure that debt collectors act reasonably, debt collectors and businesses are still able…
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If You Want to Stop Paying a Fortune for Medical Services, Look No Further

Are you among the millions of Americans being hurt by rising health insurance premiums and deductibles? If so, you may be tired of paying more for basic services and medications before insurance starts helping. Visits to the doctor’s office may seem too expensive and out of reach for you and your family. We have some good news. There are ways that you can reduce medical bills, but it does take a combination of strategies. The following suggestions may help reduce the amount you pay for routine medical services, prescriptions and more complex procedures. How Do You Save Money on Prescription Medications? It is possible to save money on prescription drugs, but it depends on whether the FDA has set a period of market exclusivity for the medication. Market exclusivity means that inexpensive generic version of the drug cannot be sold. For all other medications, there are ways to cut costs….
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