William Turner Law Office

08/30/2023

As a result of a unwelcome medical diagnosis, I am closing my practice immediately. I wish all the best of luck.

07/18/2023

As an unofficial term, medical bankruptcy isn't explicitly included in the United States Bankruptcy Code. Instead, most people file for Chapter 7 bankruptcy to erase their medical debts.

Medical bankruptcy can help you discharge medical debt, but it shouldn't be declared lightly. Here's ways to avoid medical bankruptcy.

07/18/2023

Whether you're facing foreclosure, maxed-out credit cards or constant calls from creditors, you'll eventually have to do something for financial relief. One option is bankruptcy. However, you'll face a choice between Chapter 7 vs. Chapter 13 bankruptcy, so it helps to understand them.

Find out the key differences between Chapter 7 and Chapter 13 bankruptcy.

07/18/2023

While in a Chapter 13 bankruptcy, you will need the court's permission to incur new debt. Getting a car loan during Chapter 13 bankruptcy is possible, but be prepared to pay higher interest rates.

Buying a car while in bankruptcy has a few more steps than normal. Learn how to navigate the process and alternatives.

06/29/2023

Most people who file bankruptcy are able to keep their car, but they do have to keep paying for them.

If you want to hold on to your car after Chapter 7, you'll have to sign a reaffirmation agreement. Learn more.

06/29/2023

Medical bills are generally classified as nonpriority unsecured debts, and they’re a type of debt most likely to be discharged, or wiped clean, in a bankruptcy.

Saying that health care for Americans costs a lot of dollars is like saying it’s a lot of miles to the nearest star. Both are measured in trillions. U.S. health care spending reached $4.1 trillion in 2020, according to the most recent data from the Centers for Medicare & Medicaid Services. At th

06/22/2023

The means test is a formula that determines whether a borrower can seek protection from creditors under Chapter 7 of the bankruptcy code.

Bankruptcy offers a way for struggling borrowers to shed some or all of their debts and start fresh. But before debtors can get to that point, they must clear several hurdles—starting with the bankruptcy means test. Means Test Basics The means test is a formula that determines whether a borrow

06/22/2023

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 provides federal bankruptcy protection for IRAs. Traditional and Roth IRAs are currently protected to a total value of $1,512,350, with adjustments for inflation made every three years. If you have more than that in your IRA, then you do not need to file bankruptcy.

Learn which types of IRA accounts are protected from creditors in a bankruptcy, and to what dollar value each type of IRA is protected.

06/14/2023

Filings in 2021 were the lowest since 1978. Bankruptcy -- including Chapter 7 and Chapter 13 bankruptcy -- is a last resort for consumers in financial distress, giving them a chance to liquidate their debts and get a fresh start.

Are bankruptcies increasing or decreasing? Who files bankruptcy the most? Find the answers and more in these Chapter 7 and Chapter 13 bankruptcy statistics.

06/14/2023

Chapter 13 bankruptcies can help individuals reorganize their debt and start fresh.

Chapter 13 bankruptcy is the second most popular bankruptcy filing, used for individuals with large debts. Here's how to file for Chapter 13 and the impacts.

06/07/2023

A good rough rule of thumb is bankruptcy is necessary when your unsecured debt is 50% or more or your gross income. Depending on your personal financial situation, the benefit of getting rid of your current debt may outweigh any long-term downsides of filing for bankruptcy. If you're not sure if bankruptcy is right for you, consider reaching out to a bankruptcy attorney to learn all of your options.

Bankruptcy does long-term damage to your credit, but depending on your situation, the benefits might outweigh the long-term downsides.

06/07/2023

If you've declared bankruptcy previously and are considering filing again, the good news is there's no limit on the number of times you can file for bankruptcy. There are, however, time limits and other restrictions regarding how often you can file.

Learn how often you can file for bankruptcy.