You must know the advantages and disadvantages of bankruptcy before filing bankruptcy

Bankruptcy is a financial condition that a person and organization can declare when they cannot repay their creditors or lenders. Not as simple as it sounds. If announced bankruptcy, it badly affects your credit score, and you cannot get any credit from banks or any financial institution. A lawsuit is filed in court when a person declares bankruptcy. Then there is a legal process where all the entity’s outstanding obligations from the company’s assets are assessed and paid (in whole or part).

As we know, that declaring bankruptcy will affect your future earnings, credibility, and self-image. If a person filing for bankruptcy usually finds it difficult to restore their reputation and stable debts, it can be challenging to adapt to a scaled-down lifestyle. Nevertheless, Tucson Bankruptcy Lawyer often provides considerable relief to those trapped by dangerous debt levels. When bankruptcy is declared, the threatening phone and letters requesting payment will cease.

Tucson Bankruptcy Lawyer will help you evaluate the advantages and drawbacks of declaring bankruptcy so that you can make a choice. You must know the advantages and disadvantages of bankruptcy before filing bankruptcy is given below.

Before filing bankruptcy, you should know it depends on the situation you have; this blog will help you to address the pros and cons of filing bankruptcy to determine that bankruptcy is the right solution for you.

Disadvantages of filing for bankruptcy

As you know that bankruptcy filing can affect your financial status and social image for many years, you should consider all your options carefully before filing. Such drawbacks are:

Your real estate and personal property can confiscate. If you cannot exclude all of your personal property or real estate property from the bankruptcy exemption, the bankruptcy court may seize some of your assets and sell to pay your creditors.

Unable to use the credit card- mostly credit card companies cancel your credit card when you file bankruptcy. After filing, you will likely receive several offers to apply for an “unsecured” credit card. That will help you restore your reputation but usually includes higher interest rates and annual fees.

Getting a loan or credit will be challenging – after filing for bankruptcy, you will not get a loan for your new house, study, and job.

Refusal of a tax refund- Due to bankruptcy, state, local and federal tax refunds can be dismissed.

Non-Refundable debts- Some forms of debt may not discharge bankruptcy. Commonly non-negotiable loans include alimony and child support, student loans, criminal reinstatement, fines, and any loans obtained by fraud.

Bankruptcy holds a strong stigma and personal bankruptcy more. However, to avoid embarrassment, it is necessary to enable oneself to take advantage of bankruptcy (see below)

Advantages of filing for bankruptcy

Issue stay against creditors – The court will immediately approve this stay against any debt collection practices after you file bankruptcy. It does not eliminate your mortgage and liability, but it suspends all debt recovery proceedings until the bankruptcy case completes or the moratorium is lifted.

Discharge your debts- You will be entitled to discharge or cancel the obligation to repay those debts. It is a debt that can be liquidated by bankruptcy. These usually include credit cards, medical and utility bills, and personal loans.

Credit Score- While filing for bankruptcy leads to multiple delays in credit ratings, and bankruptcy filings remain on record for 7-10 years, Tucson Bankruptcy Attorney eventually boosts your credit scores after filing for bankruptcy.

There is no need to worry about property seize – An exemption from bankruptcy may allow you to maintain over your assets after filing bankruptcy. If you file for bankruptcy, it means that you don’t have to worry about property seized in bankruptcy. These provisions play a significant role in both Chapter 7 and 13 bankruptcies.

No more financial burden- You can learn to live within your income without a credit card and avoid potential financial catastrophe.

Conclusion: A Tucson Bankruptcy Lawyer will help you decide whether to file for bankruptcy and what type of bankruptcy you should file according to your financial condition. When you plan to file, a Tucson Bankruptcy Attorney will help ensure that your assets/property are protected. All of your debts, financial obligations that can discharge and your creditors do not violate your rights so that you are on the right path to financial recovery when you do your bankruptcy to complete.

Note: Deciding to file bankruptcy is a challenging process for you because you do not know when and how to file. Therefore, you must consult with a competent Tucson bankruptcy Lawyer to decide whether bankruptcy is the best option for you.

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Can I file an Ohio personal injury lawsuit for a motorcycle accident if I was hit by a car while not wearing a helmet?

If you were hit by a car and injured while riding your motorcycle without a helmet, you still may be able to pursue an Ohio personal injury claim depending on several variables. However, to best determine one’s rights and ability to make a legal recovery, those who were injured in an Ohio motorcycle accident should speak with a Columbus motorcycle accident attorney in a timely manner to discuss their specific facts and circumstances.

Pursuant to Ohio law, motorcyclists and their passenger are required to wear a helmet if the operator is under the age of 18 years old, or if the operator holds a motorcycle operator’s endorsement or license bearing a “novice” designation. For purposes of this article, a “novice” is one who has only had his or her motorcycle endorsement for less than a year. Those who do not fall into either category may ride their motorcycle legally without a helmet. However, due to the high risks of injury that cyclists face due to their exposure, cyclists should be encouraged to wear a helmet for safety reasons.

Aside from the high risks of significant injuries, not wearing a helmet may also affect one’s ability to pursue a personal injury case or make a full recovery for his or her injuries. Under Ohio law, if a jury or judge finds that the injured individual was comparatively at-fault for causing his or her injuries, that person’s legal recovery will be reduced by the overall percentage for which he or she is found to be at-fault. For example, if the injured individual was found to have been 10% at fault and obtains a $100,000.00 jury verdict, his or her recovery would actually be reduced to $90,000.00. Worse yet, if the injured person is found to have been 51% or more at fault, that person cannot make any recovery and will not be able to purse a personal injury claim.

When one is injured in an Ohio motorcycle accident, determining fault and avoiding the anticipated legal defenses associated with not wearing a helmet can be difficult to navigate. One should also anticipate that legal defenses associated with not wearing a helmet will be prevented. For example, if one suffered a traumatic brain injury or spine injury, or worse yet was killed, the defense attorney or insurance company likely will argue that the injuries or death was caused by the decision to not wear a helmet.

Overcoming these arguments, as well as the other defenses that likely will be presented, can be challenging. Having a Columbus personal injury attorney represent you in your personal injury claims can help ensure that those arguments are defeated and that you are fully compensated. At the law office of Brian G. Miller Co., L.P.A., our Columbus personal injury attorneys provide expert legal assistance to those who have been seriously injured or killed as a result of a motorcycle accident. If you or a family member has been injured on a motorcycle due to a collision or a crash caused by the negligence of a careless driver, our motorcycle accident attorneys in Columbus, Ohio will advocate relentlessly on your behalf to secure the best recovery possible. Please call (614) 221-4035 or click here to send an email to schedule a free, no-obligation consultation.

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Simplify Insurance Claim Texas

A quick look at the insurance claim process for the common people 

An insurance claim is a formal request made by a policyholder to an insurance company for reimbursement of loss caused by a policy event. The policy event, also known as the ‘risk’, is usually a car accident, fire, or anything that causes damage to property. Once, there is a claim; the insurance company determines its validity. If approved, the insurer will either:

(1) give you money as compensation, or
(2) the insurer will pay for any of the liabilities you incurred.

In a nutshell, that would be the entire claiming process. However, there are many things policyholders do not consider when making a claim. The whole process can be a bit complicated, and a misstep can lead to the denial of your claim.

Don’t fret! In this article, we’ll simplify the process, and enumerate the dos and don’ts of making an insurance claim.

INITIAL CONSIDERATIONS

UNDERSTAND THE COVERAGE OF YOUR POLICY

You, as the policyholder, must know the risks covered by the policy. Auto insurance, health insurance, life insurance, fire insurance – there are many kinds of policies. Understanding the difference between them is vital. Don’t expect to claim anything from a car insurance policy when you’re diagnosed with diseases!

The policy also lists the documents you need to prepare when the risk occurs. Study the policy thoroughly. Ensure that it fits the needs of your family or business.

DON’T FORGET TO PAY YOUR PREMIUMS

You won’t be able to claim anything if you fall behind in paying your premiums. Always keep the receipts as evidence of its payment. Policies usually grant a grace period if you miss out on an instalment. Nevertheless, if you feel like you won’t be able to pay on time, attempt to sort things out with your insurance agent.

THE INSURANCE CLAIM PROCESS

1. EVALUATE THE VALUE OF THE LOSS

Once you suffer a loss from a policy event, immediately assess the value of such failure. Afterwards, determine whether the damage is less than your deductibles.

A deductible is an amount you are responsible for paying for concerning the loss. When you suffer from the policy event, the amount is in effect deducted from your claim.

To illustrate how this works, a policy has a $1000 deductible. The insurer’s assessment states that the total value of the loss is $5,000. In this instance, the $1000 amount shall be borne by you, and you will be receiving $4,000 should you make a claim.

In effect, the $1000 deductible is a threshold you need to consider before filing an insurance claim. Always ask yourself: Will my claim be higher than the deductibles? Suppose that in the same example, you suffered a total loss of $1300. Would it be worth the hassle to file a claim for a $300 payout?

Quantifying the loss is an essential step before you attempt to make an insurance claim. It’s a good idea to file a claim only when the total loss is much higher than the deductible. On the other hand, filing a claim even for a small payout can assist you in times of financial struggles.

2. REPORT THE RISK WHEN IT OCCURS

Contact your insurer immediately if you think the total loss is more significant than your deductibles. Most insurance companies have 24-hour customer hotlines, so keep their contact information updated and ready.

Additionally, contact the police when necessary. A police officer will assist you in making a police report, which is often a documentary requirement when making claims. Likewise, some insurance companies even call the police when verifying the loss. Hence, be honest when narrating the facts to your insurer and the officer.

3. GATHER AND SUBMIT THE REQUIRED DOCUMENTS

Imagine the stress of being in a car accident! To avoid scrambling at the last minute, always keep a list of the documents you need to prepare in case you need to make an insurance claim.

Insurers can be very strict with the documents they require. Records must accurately state critical facts, such as the amount of the loss sustained. Receipts can be proof for the amount of loss. Other evidence of loss can come in the form of police reports, photos, and videos.

For health and life insurance, your healthcare provider can make a claim for you. Alternatively, you can make a claim yourself by preparing the required paperwork.

4. GET A LOSS ASSESSOR OR CLAIMS ADJUSTER

Insurance companies may also opt to appoint a loss assessor. This usually happens when the incident is complicated and requires technical expertise. Be honest when communicating with the assessor. A slight hint of dishonesty or a cover-up for the actual loss can lead to the denial of your claim.

In some policies, however, the appointment of a loss assessor is optional. Nevertheless, you may opt to get an independent claims adjuster. This ensures an accurate assessment of the loss and speeds up the process of settling the claim.

5. KEEP THE INSURED PROPERTY INTACT

In property insurance, it is essential to preserve the damaged property. This is to ensure an accurate assessment of the loss, should the insurer send an assessor.

Suppose a fire gutted your business (which is covered by a fire insurance policy). Once it’s extinguished, don’t attempt to clean the rubble just yet. Take photos and videos. Call your insurer so they can send a loss assessor.

For some auto insurance policies, an assessment of the loss is a requirement before a payout. Hence, when you suffer from a car accident, keep the remains away from further damage.

COMMUNICATE WITH YOUR INSURER

When you keep up with your premiums, always expect good service. If there’s something you don’t understand in the policy, contact your insurance agent. During the assessment process, be upfront with the claims adjuster so you can get an accurate assessment. Do not withhold any evidence regarding the risk.

Some insurance companies have a reputation for being stingy with claims. From time to time, make a follow-up on the claims process. Do not be afraid to inquire when the assessment is moving at a snail’s pace. Your insurance agent should be able to walk you through the entire process.

When the insurer fails to deliver on the policy, inquire with a lawyer. Above all else, a policyholder is a consumer. Therefore, if you aren’t satisfied with how the insurer handles your claim, take the legal action, if necessary.

Find top rated attorneys and law firms profiles with Find Attorneys Directory, the best and free online attorney directory. Guest bloggers can also publish their articles here as other bloggers are doing.