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Medical Debt and Bankruptcy

The link between medical debt and bankruptcy has become surprisingly controversial over the past decade. In 2005, then-Harvard-Law-Professor Elizabeth Warren published a study concluding that about half of U.S. personal bankruptcy filings were triggered in part by medical expenses. An update published four years later put that number even higher. Quibbling over those conclusions began almost immediately and hasn’t slowed. …

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The High Cost of Being in Debt

When you’re overwhelmed by debt, it’s often difficult to look beyond the “minimum payment due” box on your bills. Constantly racing against disconnection dates, juggling payments, and fielding debt collection calls leaves little time or energy for long-term planning. Often, the loudest debt collector or the one with the most intimidating threat gets whatever funds you have on hand, re-starting …

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The Bankruptcy Discharge: What You Need to Know

During the 12-month period that ended September 30, 2018, more than 760,000 Americans filed for bankruptcy under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. These Americans were facing seemingly insurmountable debts, but the bankruptcy process offered them a way out. The way bankruptcy does so is through the discharge, a court order that terminates a debtor’s liability …

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What are the Bankruptcy Exemptions in Nevada?

Last year, more than 8,000 Nevadans filed for bankruptcy under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. Bankruptcy is a legal process through which Americans struggling with overwhelming debt can obtain some relief. At the end of the process, the debtor receives a bankruptcy discharge, which is a court order terminating his or her obligation to repay …

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Chapter 7 or Chapter 13 Bankruptcy: What’s the Difference?

When individuals file for bankruptcy, one of the first choices they must make is under which chapter of the Bankruptcy Code to file their case. In general, individuals choose to file either under Chapter 7 or Chapter 13. Each of these chapters provides its own set of rules and offers different advantages and disadvantages for debtors. If you’re considering filing …

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What Happens if You Forget to List a Creditor When Filing Bankruptcy?

Every bankruptcy case begins with a flurry of paperwork. In addition to the bankruptcy petition, you’ll need to file multiple schedules and other documents listing comprehensive information about your assets, debts, creditors, and other financial information. Given the complexity of the information requested, it can be easy to make mistakes. One mistake that people sometimes make when filing for bankruptcy …

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Credit Card Debt Increasing Fastest in Nevada

In August 2018, Experian, one of the nation’s three consumer credit reporting agencies, released the findings from a study of nationwide credit card trends. According to that study, credit card debt in the United States grew from $734 billion in the second quarter of 2017 to $782 billion in the second quarter of this year, an increase of about 6.6%. …

Can Chapter 13 Bankruptcy Save Your Home from Foreclosure? | Haines & Krieger Law Firm

When purchasing a home, foreclosure may be the last thing on your mind, but sometimes situations occur that put you in jeopardy of losing your home.  Job loss, mounting debt, loss of ability to work, or even divorce impact many homeowners’ ability to make their mortgage payments, and eventually find themselves in foreclosure. What Does Foreclosure Mean? Foreclosure allows a …

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Keep Evidence When Creditors Harass You

Several federal consumer protection laws protect against creditor harassment. For instance, the Fair Debt Collection Practices Act forbids a third party collector from calling after you have retained an attorney to represent you (to file bankruptcy, for instance). The Telephone Consumer Protection Act prohibits auto-dialing telephone calls to a cell phone, unless you have previously given express consent. Of course, …

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7 Facts From Nevada Foreclosure Mediation Statistics

Facing a wave of foreclosures due to the housing bust, in 2009 the State of Nevada implemented a foreclosure mediation program to stem the tide. Superficially, it appears like a good idea because Nevada allows “nonjudicial” foreclosures, which means the lender can initiate a foreclosure proceeding without having a judge or other magistrate sign off on it. The Nevada judiciary …