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Filing for Bankruptcy as a Senior Citizen

February 1, 2018/0 Comments/in Uncategorized /by The MacSim Firm

Even though filing for bankruptcy may be something someone considers in a young age, some individuals may find they have to think about it for other reasons within their later years. Since pensions have decreased more than the years and medical care costs have increased, many senior citizens are still left searching for relief.

One associated with the leading factors behind financial debt for the elderly is usually medical debt. Luckily this really is one of the simplest forms to remove. If a person have accrued a great deal of overwhelming medical financial debt, we understand it may bring a lot of stress. It is essential to note that submitting for bankruptcy will just eliminate debt you have got at the time and will not include upcoming debt, so you may would like to hold off till you know you may include all your expenses.

Many people worry about their own retirement accounts should they file for bankruptcy. This is important to remember that federal and state bankruptcy laws allows the majority of tax-exempt retirement accounts to be exempted throughout bankruptcy. This includes 401(k)’s, 403(b)’s, profit sharing programs, as well as each IRAs and Roth IRAs. It is imperative to know the bankruptcy legislation only exempts valid pension funds.

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Just like any kind of other filer, senior people must pass the personal bankruptcy means test to qualify to file for personal bankruptcy. The means test analyzes your average monthly revenue against the median for your state, to determine if you qualify to obtain Chapter 7. It is usually important to note that any income you receive beneath the Social Security Act will not be included as income for that means test. Even even though it is not really calculated in to your income for your indicates test, it still should be factored in since part of your household income.

If you have found yourself trying to juggle your difficult finances, do not fret. There is certainly hope! Our attorney will help you consider your options. Call our experienced bankruptcy lawyers today for more information https://www.palmbeachbankruptcy.info

Medical Bill Debt Problems? – Royal Palm Beach Bankruptcy Law Firm

November 13, 2017/0 Comments/in Uncategorized /by The MacSim Firm

Medical Bill Debt Problems?

Royal Palm Beach Bankruptcy Law Firm

It is common knowledge that medical debt can overwhelm those with low incomes or the uninsured or underinsured. However, it may be a bit startling to realize the rising costs of premiums and copays also can overwhelm an increasingly higher number of middle income and self-employed Americans, thereby shaking many families sense of financial security.

A poll conducted last year by the New York Times and the Kaiser Foundation showed approximately 20 percent of those younger than 65 reportedly had issues paying their medical bills over the past year. While that is lower than the 53 percent of those without insurance, it still was significant.

Of those struggling, the survey showed 63 percent had used most or all of their savings and 42 percent took on an extra job or worked more hours. Some had to make even more dramatic changes like moving in with a roommate or searching for charity, leaving their financial security behind.

In many cases, although more people are insured with the advent of the Affordable Care Act, many of the plans have adjusted to covering more people by decreasing benefits and some things that used to be covered are no longer covered in the same way they were before. In addition, rising deductibles and co-pays combined with the penalty mandate are squeezing the pocket books of many healthy Americans, self-employed, small businesses, and middle income individuals.

In many instances, working directly with the hospital or provider can help you reduce your bill and make things more manageable. If this is not feasible, as is often the case, bankruptcy may be the best alternative.

Both Chapter 7 and Chapter 13 bankruptcy can offer relief from overwhelming medical debts in different ways. Chapter 7 bankruptcy eliminates debts like medical debt, while Chapter 13 bankruptcy helps you create a payment plan to pay back what the court deems you can reasonable afford over a reasonable period of time.

If you are struggling with medical debt and unsure what your next step should be, you may want to contact a West Palm Beach bankruptcy attorney who can discuss your options with you.

Call today 561-899-8184 and find out how we can help you.

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Steps To Dealing With Medical Bills West Palm Beach Bankruptcy Lawyer

October 25, 2017/0 Comments/in Uncategorized /by The MacSim Firm

Medical Bills West Palm Beach Bankruptcy Lawyer

Most people have to deal with medical bills. At the point when medical problems emerge, it can rapidly turn into an overwhelming pile of bills that become difficult to manage. To regain control of your finances, it may be necessary to go back to the basics.

It is critical not to ignore the invoices and bills. If you ignore them, they surely aren’t going to go away. Besides, things will only get worse when your account begins to accrue late fees and interest.

In the event that you disregard it sufficiently long, the bill might be sent to a collections agency, or even a collections attorney. All of this could appear on your credit report, harming your chance of borrowing cash for a house or auto in the future.

When you have confirmed what you owe, pay it off either in a single amount or make payment arrangements. Many doctors and hospitals are eager to work with you if you call and ask.

If you have tried several options and you find that you are still struggling with repaying your medical bills bankruptcy may be the best solution.

The MacSim Firm understands that this is a difficult time for you and we are here to guide you.

For more information about filing for bankruptcy in West Palm Beach click here: More About Chapter 7 Bankruptcy

The MacSim Firm
Palm Beach Bankruptcy
Phone: 561-899-8184
www.themacsimfirm.com
Like us on Facebook: @palmbeachbankruptcy

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West Palm Beach Bankruptcy Attorney – 5 Things to Know Before Filing Bankruptcy

October 25, 2017/0 Comments/in Uncategorized /by The MacSim Firm

5 Things to Know Before Filing Bankruptcy

West Palm Beach Bankruptcy Attorney

When starting the bankruptcy process, you are required to undergo a “means test”. This test calculates your income and looks at your financial situation as a whole in order to determine which chapter of bankruptcy is right for you.

If you qualify to file bankruptcy, you will be assigned a bankruptcy trustee that will oversee your case. The trustee will ensure that your assets are administered, your debts are listed and that there is no misrepresentation or falsification of information on your part.

You have to go to a 341 hearing, which is also known as the meeting of creditors.
Your creditors have the opportunity to attend the hearing, but often times they do not attend.

For more information about filing for bankruptcy in West Palm Beach click here: More About Chapter 7 Bankruptcy

The MacSim Firm
Palm Beach Bankruptcy
Phone: 561-899-8184
www.themacsimfirm.com
Like us on Facebook: @palmbeachbankruptcy

Different Types of Wage Garnishments

October 7, 2017/0 Comments/in Uncategorized /by The MacSim Firm

Types of Wage Garnishments

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Not all wage garnishments are made equivalent. Most garnishments, except for kid support or provision, are for the most part ceased by petitioning for chapter 7. Different sorts, for example, back charges or understudy advances, may continue after a liquidation is finished and a release is allowed.

In the event that your wages are being embellished, it is vital to know the idea of the obligation and what alternatives may be accessible to you. Albeit most garnishments are forever halted upon the recording of an insolvency, beneath are 3 types of wage garnishments that can survive Chapter 7 bankruptcy after the case is finished.

Back Taxes

On the off chance that you owe cash to the IRS, the legislature can take an extensive part of your wages without a court arrange. The sum you can keep relies upon what number of wards you have and your standard conclusion. That implies your boss will pay you what may add up to a little stipend consistently and the rest will be given over the IRS.

In the event that the IRS will garnish your wages, they should first send a wage require notice to you and your boss.

Assessments owed to state and nearby districts can be decorated from your wages too, however those regions don’t by and large can embellish a huge part of your wages.

A Chapter 7 Bankruptcy will stop, or stay, the garnishment of your wages for back expenses upon the documenting of the case. The stay stays all through the length of the chapter 7. Some back charges might be released in insolvency in light of their age.

Still different charges might be forked over the required funds amid the pendency of a Chapter 13. A Chapter 13 is regularly a favored technique for managing sizeable expense obligations owed to the IRS or other government experts.

In a Chapter 7, latest charges, trust subsidize imposes, and assesses from non-documented returns, will survive the release. Following the finish of your case, the exhausting specialists can reinstitute endeavors to trimming or collect your wages for any charges that are not released in the insolvency continuing.

Different Types of Wage Garnishments continue reading..

Student Loans

With regards to student loans, the government can seize up to 15 percent of your compensation in the event that you are in default. Similar to the case with charges, they can do as such without a lawsuit or court action. Prior to the garnishment can start, they should inform you of precisely the amount you owe, how to get a duplicate of your tax records, how to set up a payment plan and how to ask for a hearing in regards to the garnishment.

Like expenses, a bankruptcy will stop any collections efforts during the pendency of your chapter 7 bankruptcy. Nonetheless, after the finish of your case, any unpaid student loans might still be collectionible by creditors.

Alimony and Child Support

Child support and alimony orders frequently incorporate regular wage withholdings.

Unlike back taxes and student loans, a bankruptcy filing does not necessarily stop or stay child support garnishments. Rather, the court enforcing the child support award retains collateral jurisdiction over child support matters.

In a Chapter 13 case, steps can be taken to cure or pay back any tyke bolster arrearage over time. Child Support for the most part is non dischargeable in a bankruptcy.

On the off chance that you are confronting wage garnishments, it is pivotal to talk to an experienced bankruptcy lawyer in West Palm Beach, Florida.

Contact The MacSim Firm or Click here to learn how you can start your case today.
Check us out on and like us on Facebook at Palm Beach Bankruptcy Facebook Page

Phone: 561-899-8184

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Who Can File For Bankruptcy?

October 7, 2017/24 Comments/in Uncategorized /by The MacSim Firm

Who can file for Bankruptcy?

Bankruptcy is a common occurrence in the U.S., with thousands of people filing each year. So, what are the different types of bankruptcy?

If you need to file bankruptcy in West Palm Beach, Florida contact The MacSim Firm or Click here to learn how you can start your case today.

Check us out on and like us on Facebook at Palm Beach Bankruptcy Facebook Page

Credit: TestTube News is committed to answering the smart, inquisitive questions we have about life, society, politics and anything else happening in the news. It’s a place where curiosity rules and together we’ll get a clearer understanding of this crazy world we live in.

Chapter 7 Bankruptcy Reviews

October 7, 2017/13 Comments/in Uncategorized /by The MacSim Firm

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I couldn’t find anyone’s experience before I had to go through Chapter 7 bankruptcy. So I made a video my own experience a couple of weeks later. I also asked my friends and family for their input. I was surprised how many people had filed Chapter 7. Folks don’t talk about it much.

If you need to file bankruptcy in West Palm Beach, Florida contact The MacSim Firm or Click here to learn how you can start your case today.

Check us out on and like us on Facebook at Palm Beach Bankruptcy Facebook Page

Phone: 561-899-8184

Taking out a loan to rebuild credit – Online Bankruptcy Blog

October 7, 2017/0 Comments/in Uncategorized /by The MacSim Firm

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Has your credit score fallen to the point of getting a good interest rate for future credit cards? If you’re tired of waiting to rebuild your credit through the normal way of making monthly payments, chances are you’re seeking alternative ways to rapidly rebuild your credit to get better rates. There are a few different options available; we’ll discuss which of these methods are useful and are worth looking into.

Do you need it?

Before taking any steps to rebuild your credit by taking out a loan, be sure it’s absolutely necessary.

A credit score is composed of various factors, including payment history, the amount you owe, how long you’ve had credit, how much new credit you have, and the mixture of credit types used. Installment loans can be a great way to boost your credit score while adding an alternative type of borrowing on your history.

The tricky part comes down to interest rate. If you’re able to take out a loan to pay off your credit debt, it’s definitely worth a consideration, but only if you’re going to pay less in interest. However, with credit card debts often running as high as 24.99 percent and personal loans averaging about 10 percent, this is often not a problem.

As far as your options to rebuild your credit, there are three quick choices:

1. Rapid Rescoring

A little known process, rapid rescoring can give a boost to those who are applying for loans and currently have low scores. If you’re at risk of a high interest rate, a lender may initiate this process on your behalf, which removes any inaccurate information on your history.

2. Personal Loan

When rapid rescoring is insufficient for improving your credit score, it can help to take out a personal loan, paying off your old debt, and repaying the new debt as agreed. This comes with a number of benefits, such as reducing the age of your existing debt, adding positive activity to your report, and reducing the overall interest rate of your payments.

3. Car title loan

If you can’t get approved for a personal loan, you may be able to put your car up as collateral through a car title loan instead. The biggest benefit is that you rapidly receive the money you need, rarely having to wait more than 48 hours. The process is very simple, requiring a minimal amount of personal and financial history as well as basic information about your vehicle.

In fact, your credit history has no bearing on whether or not you can receive a title loan; the only usual criteria include being 18 years of age and owning a car outright. Because you’re putting collateral up, no background check is required for this secured loan, unlike with personal loans.

Another positive benefit for taking out a title loan is that the lender can only have the car if you don’t make the payments; it’s still yours to drive around in as long as you’re making the agreed upon monthly payments. There is no change to your everyday life, although you will need to provide a copy of your car keys and the title to the lender as insurance for the loan.

Finding the best interest rate

The following tips can help you find the best possible interest rate for whatever type of loan you seek to rebuild credit:

Shop around. The numerous lender choices out there help keep the honest ones competitive, so be sure to shop around for the best possible realistic rates for your credit score.
Request detailed quotes. When requesting information, offer all the information you can to get the most accurate information.
Don’t aim for the lowest monthly payment. Although many honest lenders can offer low monthly payments, there are some who will offer such without revealing a high interest rate or lengthy repayment period. To avoid this, be sure to demand a detailed outline of your quote.
Add a cosigner. When your own credit isn’t stellar, adding another cosigner with better credit will improve your chances of being approved for a personal loan. Be sure both of you understand the terms and responsibilities involved in jointly taking out a loan.

Regardless of your final method, getting a personal loan to rebuild credit can seem like a tricky thing to do. However, with a little ingenuity and plenty of homework, you’re sure to find the right lender offering an agreeable set of terms at an affordable rate.

Credit: Online Bankruptcy Blog

If you need to file bankruptcy in West Palm Beach, Florida contact The MacSim Firm or Click here to learn how you can start your case today.

Check us out on and like us on Facebook at Palm Beach Bankruptcy Facebook Page

Phone: 561-899-8184