Medical payment insurance is probably the best deal in insurance. Most people can get $5000.oo in coverage for about $20.00 a year! When you consider that you are most likely to suffer physical trauma from an auto accident, that is a really good deal. Also, your health insurer is going to try to put a lien against any personal injury settlement you receive, if you have Med Pay, that will offset any potential lien and you will put more cash in your pocket.
The Court has devised a complex analysis in order to determine your eligibility for a Chapter 7 liquidation; it is known as the means test. In general, if you earn less than the median income for your household you qualify. You may also qualify if you are above median income, if your income less your expenses (as limited by the means test) does not exceed $100 per month. Median income can be found on the United States Department of Justice Website. Even if you fail the Chapter 7 means test you may still qualify for a Chapter 7 liquidation. If your debts are primarily business related, you are exempt from the means test and may receive a Chapter 7 discharge despite having above median income or disposable income that exceeds $100 per month.
Do you have a second mortgage that you are unable to pay? You may be able to eliminate the payment and pay it off through a Chapter 13 Plan in as little as three years. It sounds too good to be true, but because of the declining value of real estate it is possible. If your First mortgage is equal to or greater than the current value of your house, you can treat the second mortgage the same as you treat ordinary credit card debt. This is called a cram-down because you are forcing the Bank to accept less than they are due under your original agreement. Through your plan you make a small monthly payment to the Bankruptcy Trustee. The Trustee will in turn pay a percentage of your debts. Upon successful completion of your plan, your second mortgage is discharged along with your credit card and other unsecured debt.
Filing a Chapter 13 Bankruptcy case is a great tool for saving your house if you have fallen behind on mortgage payments due to a temporary financial setback. It allows you to formulate a Plan that re-pays the missed mortgage payments over a period of up to five years and stops foreclosure proceedings. However, saving your house may not be in your best financial interest. If the value of your house is less than what you owe the Bank it may make sense to file a Chapter 7 liquidations case and let your house go. People are emotionally tied to their houses, but this emotional tie can break you financially. If you can rent a house for significantly less than your mortgage payment, taxes, insurance and maintenance, you will be able to pocket that money every month. These savings can be used for your children’s education, a vacation, an unexpected emergency or for investment to further increase your net worth.
Another potential money saver for landlords is to have your paperwork and procedures reviewed by an experienced lawyer. By setting things up correctly, fixing your mistakes now, you may save thousands of dollars if you need to evict your tenants later on. Get your advice from experienced attorneys, that have performed hundreds of evictions and have also experience as landlords themselves. It is not true that tenants "have all the rights." It is true, that you have certain specific legal responsibilities as a landlord. If you don't handle things properly, your tenants can gain an advantage in court.
Divorce can be an emotional roller-coaster, especially if there are children involved. The wrong legal counsel can sometimes only add to the drama. On the other hand, experienced legal counsel puts the children first, lessens the turmoil, and helps you reach a fair result, so you can move on with your life.