Here’s a news clip on this topic that ran yesterday: https://www.youtube.com/watch?v=77xsEU7rFM0
It’s a good short 2 minute summary of what this means and well worth a listen! I haven’t seen this in the news much and we really need to get the word out because in my 30 years of practice, I see this as finally working to discharge significant federal student loan debt.
So how are we starting on this to get our student loan and bankruptcy clients discharges in 2023?
Credit reporting is changing for medical debt. Starting July 1, 2022, previously defaulted, but subsequently repaid, medical debt will no longer be reported on someone’s credit. Next year, medical debt of less than $500 will not be reported on credit reports any longer. This doesn’t mean that the medical provider doesn’t have a claim however. It’s important to keep copies of these small medical bills and give them to your bankruptcy attorney so they can be officially discharged in your bankruptcy.
The timing can also be important. Remember, that you can only file a Chapter 7 every eight years. So if you have a medical procedure coming up that may have unexpected and you incur out-of-pocket costs, you may want to consider getting ready to file bankruptcy, but wait to actually file once you are medically cleared.
It’s often better to file a bankruptcy when you are unemployed. You don’t have to be without a job, but we’d rather you look into filing bankruptcy right after a medical procedure (so all out-of-pocket costs are discharged), but before you begin a new job.
Life Isn’t Meant to be Lived Paycheck to Paycheck
I know there’s been lots of press about the 8.5% inflation rate that was announced this week.
I also know that many people don’t believe that number. Why not?
Florida Trend just came out with its Legal Elite 2021 list on July 1 where we’re proud to be listed as one of the top 10 bankruptcy attorneys in Tampa Bay. This is not a publication that we pay for a listing — we don’t subscribe to that philosophy. We also don’t like to throw money away to be on lists.
Something I also don’t tend to harp about, we are proud to have a really good rating by Martindale-Hubbell which is an independent review by and for attorneys. We have what is called a Preeminent rating which them — there is no higher rating. Again, we don’t solicit or pay for that rating.
We believe in reviews. I use reviews when I seek out a service or product. Whatever we have to say about ourselves and our practice can usually be said much better by our clients – and in their own words. So if you are looking for a bankruptcy attorney, please check out our reviews! Then give us a call. Hope we can help.
We have five seminars that our attorneys are presenting at this month and next!
Tomorrow’s TBBBA lunch Zoom 4/6/21 at 12:00 EST is by popular request due to inadvertent atty-client disclosures on Zoom hearings!
Don’t forget next Tues March 2 at noon on zoom (wow, I just realized that rhymes), the TBBBA has Judge Colton presenting:
Inflation and interest rates are the two primary culprits.
Bankruptcy can actually be a fix to this problem and is something that everyone should evaluate NOW. Does it make sense to clear the deck and start fresh? Especially when that deck is stacked against most Americans who are not otherwise wealthy. Especially, for anyone who has private student loans, the decision is pretty much a no brainer — bankruptcy can result in a full discharge of many private student loans or a very low payment plan, with very low interest. Basically, a way out.
High credit card balances, underwater vehicle loans, unpaid rent — bankruptcy can easily fix this.
There are so many things that set us apart and in my opinion make us one of the best law firms in the Tampa Bay area that you can choose to file your bankruptcy. Whoever you are looking to hire to file a Chapter 7 or Chapter 13 bankruptcy, you should ask these questions:
Let’s be frank. If you have more than $10,000 unsecured debt, it may be better to use any stimulus monies to discharge all of your unsecured debt by filing a chapter 7 bankruptcy, rather than simply put it toward the interest that continues to accrue.
If this is your best option, there is good news. The new stimulus bill provides that this money will not be considered property of the bankruptcy, nor will it count against your income.
The most recent stimulus payments under the new stimulus bill (Consolidated Appropriation Act) are not property of the estate under temporary Code § 541(b)(11) enacted under the CCA. They are also excluded from CMI under the original CARES Act, at least until March 27, 2021. After March 27, until Dec. 27, 2021 when the CCA provisions sunset, you might argue that they are not disposable income under a separate amendment to the Internal Revenue Code enacted under the CCA (adds new 26 U.S.C. § 6428A) by providing that “no applicable payment shall be subject to, execution, levy, attachment, garnishment, or other legal process, or the operation of any bankruptcy or insolvency law.”
Reboot Your Life: Tampa Student Loan and Bankruptcy Attorney Blog