Most of the people in the US are compelled to file bankruptcy after the recent economic meltdown. However, America’s veterans are no exception as they are also victimized by the poor economic situation. However, the veterans are offered bankruptcy help that is governed by article 522(b)(2) of the Bankruptcy Code.
Here are some bankruptcy help available for veteran that can help him to determine whether bankruptcy is the right option for him:
1. Benefit of Exemption: Bankruptcy code is designed to help the veteran, especially individual who is filing bankruptcy. In reality, the Bankruptcy Code helps to preserve his veteran’s benefit in the event that he filed for bankruptcy. When the veteran files for bankruptcy, his income can be exempted to be a part of estate in the bankruptcy. You can manage to be aware that some states give provision to opt out of the exemption.
2. Obtain a VA loan: As a veteran, you can manage to obtain VA loan to buy your dream home even after filing bankruptcy. If you filed bankruptcy in last three years, then you may not be able to qualify for a VA loan. But you can effortlessly get the VA loan if you filed bankruptcy within a three-to-five year time frame. After five years of filing bankruptcy, you can get a loan as the restrictions disappear.
3. Property Exemptions: You may qualify for property exemptions when they file for bankruptcy but in some of the specific cases. The homestead of the veteran may not be liquidated during bankruptcy. If you’re filing as an individual, then you can manage to avail personal property exemption of up to $30,000. In case your family is filing petition, then you can manage to exempt up to $60,000.
4. Additional exemptions: The veterans are also awarded with additional exemptions if they file bankruptcy. The filers are required to undergo credit counseling session but the veterans are not required to meet this criterion. This is only applicable if they can prove that they’re mentally or physically incapacitated to the extent that they won’t get benefit from the requirement.
Some veterans are not even required to qualify for the traditional “means test.” But they can be exempted from means test if they can prove that they meet the required status of a disabled veteran. These additional exemptions can be used if they can prove that the debts have been incurred primarily during active duty or homeland defense.
Therefore, if you have any legal questions then you can consult a deft bankruptcy attorney to acquire complete information on what type of bankruptcy help is offered to the veterans.
The process of bankruptcy involves eliminating or repaying business or consumer debt under the protection of the federal bankruptcy court. There are essentially 2 parties involved in every bankruptcy filing; they’re the debtor and creditor.
The debtor can be a company or an individual who owes money or is in debt. The creditor claims that the debtor owes money to the creditor, who can be an organization or a company. Most bankruptcy cases are seen to involve several creditors. Bankruptcy counseling is one of the first steps to be taken before going forward with the process.
Types of bankruptcy
Bankruptcy is mainly divided into 4 broad categories. These refer to the 4 chapters given in United States Bankruptcy Code. They’re as follows:
Chapter 7
This chapter refers to “liquidation bankruptcy”. It means all non-exempt assets held by you as debtor will be sold off by the trustee to repay the debts as much as possible. This generally lasts 3 to 6 months. You get to keep that property which is exempt under the state of federal laws like your household furnishings, clothes and likewise.
Chapter 7 bankruptcy can’t be filed by everyone. In case you’ve got a disposable income that’s sufficient to fund a repayment plan then you can’t opt for Chapter 7. Businesses generally try to avoid this as conducting business becomes very difficult in this case. The portion of the debt that can’t be repaid through liquidation is discharged.
Chapter 13
This chapter is popularly referred to as the “wage earner bankruptcy”. This is because filing for Chapter 13 requires an ongoing reliable source of income. This generally takes anywhere between 3 to 5 years.
You have to propose a plan of repayment that would say in details how you’re going to pay back your debts in the next 3 to 5 years. There’s a minimum amount that you’ll have to pay. This minimum amount depends on what your income is, how much you actually owe and how much your unsecured creditors would’ve got had you filed for Chapter 7.
If you’ve got secured debt, then Chapter 13 provides you with the opportunity to make up missed payments so that you can avoid repossession or foreclosure. Also your debts should be within the limits set by the federal government. This means that currently you can’t have more than $1,010,650 in secured debt and $336,900 in unsecured debt.
Chapter 11
Apart from the 2 most frequently used forms of bankruptcy discussed above, there’s Chapter 11 bankruptcy. This chapter has been named after the US bankruptcy code 11 and is a particular form that involves reorganization. Basically as a debtor your business will be reorganized including your affairs and assets. Your corporation would be filing this if you need time to restructure debts.
Chapter 12
This is a US bankruptcy proceeding that has been specifically designed for US family farms or the fisheries. If you go for bankruptcy counseling you’ll be told that this chapter of bankruptcy gives your farm or fishery the ability to reorganize its finances and debts. Most importantly, you’ll still be able to retain your farm or fishery while you get to work with a bankruptcy trustee and a bank to formulate a payment program.
Keep in mind the above discussion when about to file for bankruptcy. Bankruptcy counseling would undoubtedly help you through things, but even then it’d be wise to know things beforehand.
According to the Mayo Clinic, Hidradenitis Suppurativa (HS) is chronic inflammation and deep lesions of the skin, particularly in sensitive areas of the armpits and groin. Possible causes are thought to involve a combination of genetics, hormones, and other factors. HS may impact 1-2% of the population, but absolute numbers are uncertain.
Given how relatively rare this medical condition is, our attorneys at Hoglund Law Offices have successfully represented a surprising number of clients with Hidradenitis Suppurativa in Social Security Disability benefits claims. Our clients have typically worked for over ten years or more with symptoms before succumbing to the progressive lesions and pain despite surgical intervention.
How does Social Security Disability evaluate Hidradenitis Suppurativa? Social Security verifies the diagnosis first. In my experience, records usually carry ongoing primary care treatment for recurring boils that require in-office lancing. Of concern, I have seen some medical record histories that initially fail to specifically diagnose HS until these lesions have persisted in various forms and locations for a few years. There are possible reasons for this that I address below.
Social Security reviews Hidradenitis Suppurativa claims under a special definition of disability called a listing. Here is the “listing” that Social Security applies to claims based on Hidradenitis Suppurativa:
Hidradenitis suppurativa, with extensive skin lesions involving both axillae, both inguinal areas or the perineum that persist for at least 3 months despite continuing treatment as prescribed.
How do our Social Security disability attorneys at Hoglund Law Offices get approvals at Social Security hearings for clients with Hidradenitis Suppurativa? In our experience, the timing of the diagnosis may be an issue. I argue to judges that the nature of the HS lesions may not, in themselves, manifest themselves to physicians initially – particularly if my clients see different primary care physicians from appointment to appointment or change facilities from time to time. Over time, however, the diagnosis of HS should relate back to previous care for the symptoms. Our attorneys can offer advice to get retrospective input from these physicians.
Deficiencies in the medical evidence of HS may relate to the location of the lesions. My clients may attempt to suffer through a period of HS lesions in private areas of their bodies. Despite the Social Security Administration’s assumptions, it is not always easy to seek care for personally sensitive problems. I argue to judges that a delay in diagnosis, in these instances, has more to do with social factors. Reporting the full constellation of symptoms right away has been difficult for some of my clients.
What should your Social Security Disability attorney know about Hidradenitis Suppurativa? In my experience, it is common to have judges and medical experts who are unfamiliar with HD. I understand that Social Security judges must review many kinds of medical claims. I speculate that medical experts (ME’s) at hearings, however, may not be as familiar (and miss) Hidradenitis Suppurativa because it is a dermatological condition that may not normally arise in other specialty areas.
What must your Social Security disability attorney do at your Social Security hearing? He or she must raise the issue of Listing 8.06 and point out the diagnosis, duration, location, impact, and daily care duties that impede full-time employment. Additional legal documentation has proven helpful in our clients’ claims. Call us at Hoglund Law Offices today if you are interested in the experience our Social Security attorneys can offer you to apply or appeal your Social Security Disability claim.
Andrew Kinney, Esq.
Notice of Disapproved Claim for Social Security Benefits
If you apply for social security disability or SSI benefits, you may be staring at a letter that states, “Notice of Disapproved Claim” on top. What does this mean? It might be means that you are denied social security benefits. Is this usually the end? No, you should likely appeal this denial. The social security administration denies a lot of people for social security disability benefits that are later approved after appealing. Unfortunately, some people give up when they get denied. Don’t give up. If you have serious medical problems that will keep you out of work for at least one year, keep reading.
Should I appeal my social security benefits denial? For our clients, this is usually a given. At Hoglund law offices, we expect to fight through two denials to get to a social security disability hearing. Keep in mind this: Social Security outsources the first two decisions in social security claims. What does this mean? Technically, social security does not make the first two decisions. Social security hires state agencies to make the first two medical decisions about your ability to work. And the state agencies use their own state agency doctors that you will never meet. In our legal opinion, the disability standards are too high and the review is misleading at the application and reconsideration levels. We tell our social security disability clients every day that we are helping them appeal. And we do it. Daily.
What does a “Notice of Disapproved Claim” really mean? It means that you have a deadline to appeal or your case is closed. The instructions to appeal are in your denial letter. At Hoglund law offices, we help our clients appeal denials like yours. We make sure these denials are in on time. And we get receipts to prove it.
Can I hire Hoglund law offices to help me when I’m denied? Yes. We help people at different stages. It depends when the call in.
We know that in a perfect system, the right people would be approved for disability benefits when they should be. But this doesn’t always happen. In fact, social security hearings actually apply the law the right way. At social security hearings, our licensed attorneys are standing next to you making legal arguments, cross-examining experts, and making sure the judge understands the medical evidence in your favor. Our lawyers fight for approvals at social security hearings on almost every working day of the year.
So if you have gotten denied social security disability benefits, you’re not alone. You absolutely need to appeal to get approved. Expect to go to a social security hearing with your lawyer to have your best chance to get the benefits you deserve.
What if I missed my appeal deadline for Social Security benefits? There can be good cause. You must act quickly and document why you do not appeal on time. This sometimes works, and sometimes doesn’t. Your Hoglund lawyer can give you a legal opinion about whether it is worth trying to appeal vs. refiling a new claim. Call us today, and we will let you know if we can help you. We charge nothing unless you are approved for social security benefits. Our fees are limited to ¼ your back payments. There are no other charges. Call now.
Eight States which include Arizona, Colorado, Florida, Montana, Ohio, Oregon, Vermont, and Washington all raised the minimum wage to keep pace with inflation. The increase in these States ranged between 28 and 37 cents per hour and will take affect January 1. More than 1.4 million low-income earners will see their wages go up on New Year’s Day. While the Federal minimum wage is at $7.25 an hour, workers in Washington State will earn a minimum of $9.04 thanks to their recent wage increase. 18 States total, including Washington, D.C., have rates above the federal level.
The wage increase in the aforementioned states will result in an extra $582 to $770 a year for full-time workers. The non-profit advocacy group, National Employment Law Project contends that the minimum wage increases will act as a mini-boost to the economy. The expected increase in wages will result in an increase in those wages being spent, which is projected to add $366 million to the nation’s gross domestic product. The National Employment Law Project also projects that the minimum wage increases also will result in a creation of more than 3,000 full-time jobs.
Paul Sonn, legal co-director at NELP states, “Increasing minimum wage is a key form of local stimulus.” The increase in wages will put money back into the pockets of low-income families who will then spend that money at the local businesses. Paul Sonn also believes that the eight states that are raising their minimum wage on January 1 are protecting themselves in case Congress can’t reach an agreement to extend the payroll tax break beyond February. He believes that the boost in incomes for individuals living in those eight states will more than offset the loss that could come from the inability of Congress to extend the payroll tax break.
Source:
Blake Ellis, Minimum wage increases for workers in eight states, http://money.cnn.com/2011/12/23/news/economy/minimum_wage_increases/index.htm?iid=Popular (accessed 12/27/11)
Some economic experts and analysts contend that there is little chance for a housing recovery. That extremely pessimistic outlook is not based on feelings, but upon solid economic data. The year of 2011 was a sad story for the housing market. The market saw record low 30-year mortgage rates with few people taking advantage of the rates to buy new homes. The New Year is likely to bring much of the same. Doug Duncan, vice president and chief economist at Fannie Mae, contends that there might be a slight uptick in houses sold but the home prices likely will be down. This means that although more houses will be sold in 2012, the total amount of money spent on purchases is likely to be the same as in 2011.
Despite the fact that the Federal Reserve has pledged to keep rates low through 2013, many content that because of the high unemployment and the historically low home prices, there will be no recovery of the housing market for the foreseeable future. Last year saw a total of $1.3 trillion in home lending, which is down from $1.7 trillion in 2010 and $3.3 trillion in 2005. Another disturbing figure is the fact that much of the $1.3 trillion in home lending last year did not result in new home purchases. Approximately 4 out of 5 mortgage applications were for refinancing current mortgages. Borrowers were taking advantage of the historically low rates, which averaged less than 4%, not to purchase new houses, but to refinance their current homes.
Not all analysts predict such doom and gloom for the housing market. Others are optimistic about the future of the market. Former top economics advisor to the White House and Wells Fargo & Co., Sung Won Sohn states, “Housing has hit the bottom and has begun to heal slowly.” The events that have taken place over the past few years have “set the stage for a rebound” as Sung contends. Whether or not we are to see a recovery in the near future most would contend that given the extreme damage that was inflicted on the housing market any form of recovery is likely to be slow.
Source:
E. Scott Reckard, Low mortgage rates likely to continue through 2012, experts say, http://www.latimes.com/business/la-fi-mortgage-rates-20120103,0,2240865.story (accessed 12/4/12)
A procedure known as platelet rich plasma, or PRP injections, are being used to alleviate arthritis and other joint pain. Avivia Gianetti is an active golfer who is in her late 50s. However, soreness and pain running down her arms left her unable to play her favorite sport. Not keen on the idea of surgery, her doctor suggested a new procedure known as PRP. The procedure allows the patient to be relieved of pain without having to go under the knife. In the procedure, the patient’s own plasma, a natural nutrient found in blood, is separated from the blood cells and injected into the damaged joints. The PRP injection helps repair damaged cartilage and joints.
Notable athletes such as Kobe Bryant and Matt Forte have been using PRP to alleviate joint pain; however, baby boomers may want to take advantage of this alternative to surgery as well. Due to the aging baby boomer population joint replacements are rapidly growing. Knee replacement surgeries have doubled over the past decade. Although many experts contend that PRP injections are not a proven substitute for surgery, they may be a good option for some. Dr. Jazrawi states, “This is certainly, potentially one treatment option that may be utilized, but it’s not the magic bullet.”
Dr. Jazrawi uses the PRP injections most often in the treatment of chronic arthritis. Patients are able to schedule a quick visit with Dr. Jazrawi to receive the injections. And more often than not, one quick injection in Dr. Jazrawi’s office will allow a patient to get right back to their active lifestyle. Dr. Jazrawi notes that PRP should not be the first-line of treatment. Instead, he suggests that patients maintain an active and healthy lifestyle with dieting and exercise. There is always a risk in applying new technology, and Dr. Jazrawi asserts that he does not want to apply this new technology in a haphazard manner.
Source:
Lara Salahi, Cutting Edge: Joint Injections Heal Baby Boomer Arthritis, http://abcnews.go.com/Health/Wellness/cutting-edge-joint-injections-heal-baby-boomer-arthritis/story?id=15214643 (accessed 12/22/2011)
In the 40-year history of Freddie Mac’s Primary Mortgage Market Survey, interest rates on a 30-year fixed-rate loan is the lowest it has ever been. Just in time for the holidays, the mortgage rate on a 30-year mortgage is now 3.94%. Mortgage rates have been falling over the entire year, and since the beginning of the year, the rate has fallen .9%. Frank Nothaft, Freddie’s chief economist notes the decrease in rates over the year results in a savings of $1,200 a year for a homeowner with a $200,000 mortgage.
These low rates are resulting in an increase in home sales, which is a good sign for the economy. This past month saw the greatest new home sales since January. Senior financial analyst at Bankrate.com, Greg McBride, contends that mortgage rates should remain low for much of 2012. “For well-qualified buyers, interest rates should be no impediment to home buying in 2012,” said McBride.
Existing homeowners are taking advantage of these historic rates by refinancing their old loans into more affordable ones. Nearly 80% of all mortgage applications last week came from existing homeowners. McBride expects that lenders will ease up on borrowing requirements only slightly. Some lenders are starting to require only a 720 credit score, where previously a 740 credit score was required for the best mortgage rates. These baby steps will, however, help more people gain access to these historic rates.
Source:
Les Christie, Mortgage rates hit another record low, http://money.cnn.com/2011/12/22/real_estate/mortgage_rates/index.htm?iid=HP_LN (accessed 12/22/2011)
Former Chicago Bulls star, Scottie Pippen, most notably known for his time playing alongside Michael Jordan in the Bulls six NBA championships, has filed a multimillion-dollar federal lawsuit Tuesday, December 13, 2011. The lawsuit claims that several websites and media outlets falsely accused Scottie Pippen of filing for bankruptcy. CNBC.com was among one of the many news outlets that reported Scottie Pippen’s alleged bankruptcy filing. CNBC.com had listen Pippen in one of the “15 Athletes Gone Bankrupt.” The article went on to mention that Pippen had lost $120 million in career earnings, including a $4 million corporate jet.
Scottie Pippen contends that all the reports about his bankruptcy are completely false and still has “substantial net worth, which has not been less than approximately $40 million in the last 10 years.” The federal lawsuit names Comcast Corp., General Electric Co. and CBS Corp, among others. The lawsuit contains three claims including negligence, false light and defamation. The suit seeks approximately $9 million in damages.
Source:
Allison Horton, Scottie Pippen files suit against those who said he filed for bankruptcy, http://www.suntimes.com/sports/basketball/bulls/9426888-579/scottie-pippen-files-suit-against-those-who-said-he-filed-for-bankruptcy.html (accessed 12/13/2011)