Brown Law Firm owner Ron Brown is a well-known bankruptcy attorney in Tulsa, Oklahoma, who is certified by the Oklahoma State Bar Association and the Federal District Courts. After receiving his B.A. from Oral Roberts University, he went on to earn a J.D. from the University of Oklahoma. In these articles, he explains the ins and outs of personal bankruptcy law.
Medical Bills and Bankruptcy
For families without proper health insurance coverage, one simple trip to the emergency room can turn into financial disaster. Because medical bills are often so high and so unexpected, they have become one of the leading causes for bankruptcy filings for families in America today.
What Does It Mean to Reorganize During Bankruptcy?
To reorganize debts can have different meanings depending on the type of bankruptcy filing. In a Chapter 13 filing, the term means to figure out a monthly payment plan to pay back debts at pennies to the dollar. In a Chapter 7 bankruptcy, meanwhile, debt reorganization is a looser term that just means setting up a new financial plan.
When Should You Try to Fight a Foreclosure?
Homeowners should never surrender their homes without first contacting an attorney. Banks and lenders are required to follow certain protocol and have specific documents in order before they can go through with a foreclosure, and if that documentation is not in place, then an attorney may be able to prevent a home from being taken away.
How Has the Unemployment Rate Impacted Bankruptcy Filings?
There is no doubt that bankruptcy filings go up when nationwide unemployment rates spike. However, filing for bankruptcy as an unemployed person is usually less than ideal, since it can be more difficult to enter a debt reorganization plan without a documentable source of income coming in.
Why Does It Seem So Easy For Businesses to File For Bankruptcy?
Television news stations seem to report on large corporations filing for bankruptcy every day, but that doesn’t mean that the process is easy. Just like individuals filing for bankruptcy, corporations and public companies must go through a number of arduous steps before completing a business bankruptcy and being absolved of debts.
The information in the article is not intended to substitute for the medical expertise and advice of your healthcare provider. We encourage you to discuss any decisions about treatment or care with an appropriate healthcare provider.
