Bankruptcy attorneys have heard the question “what can I keep after filing bankruptcy?” hundreds, if not thousands, of times. There is a pervasive misconception in our society that bankruptcy will cost you all of your most important possessions. However, the truth is that filing for bankruptcy may give you the opportunity to keep your most cherished possessions, such as a home or vehicle. Depending on whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will have different options for protecting property. Chapter 7 bankruptcy: Although Chapter 7 is called the “liquidation bankruptcy”, there are still options for keeping assets. You can reaffirm secured debts, such as a vehicle. This is where you and the lender strike an agreement to continue payments after the bankruptcy is finalized. Chapter 7 bankruptcy may also allow you to exempt certain assets. Chapter 13 bankruptcy: For most people, Chapter 13 bankruptcy is…
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Wage garnishments are one of several tools creditors may use to collect your defaulted debts. Most creditors have to obtain a judgment before they can garnish your wages. After a creditor receives a judgment, your employer will be required to hold back a portion of your pay. Depending where you live and your personal financial situation, the amount withheld from your wages can vary. Kansas and Missouri have different laws on how creditors can garnish wages. However, both states follow a federal standard allowing creditors to garnish up to 25 percent of your pay (it may be higher for certain types of debts). It is important to develop strategies to stop a wage garnishment, as they can put you into an even worse financial situation. Many people may find it difficult or impossible to make mortgage, vehicle and utility payments. It is not uncommon to default on other credit obligations….
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New research released by the Washington D.C. think tank Urban Institute claims one in four Americans are struggling to pay past due medical bills – even those with health insurance. According to data from the study, people struggling to pay back these bills increase their reliance on credit cards and do not save for other emergencies. The Urban Institute study is a reminder that medical bills are still a problem for Americans, even though more than ever now have health insurance. How Can People with Insurance Accumulate Unaffordable Medical Debt? There are several reasons why people with health insurance can accumulate medical debt. You may have experienced one of the five following examples. High-deductible plans: Many health insurance policies have high deductibles. A deductible is the amount that must be paid before health insurance coverage pays for medical services. The IRS considers individual policies with deductibles of $1,300 or more…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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