Tackling Credit Card Debt

Introduction: Credit card debt can quickly become overwhelming, affecting your financial well-being and future plans. At The Law Offices of Dax J. Miller, LLC, we understand the challenges that come with credit card debt and the potential benefits of bankruptcy. In this blog post, we’ll explore effective strategies for tackling credit card debt, including the role of bankruptcy as a viable option for debt relief.

Understanding Credit Card Debt: Credit card debt arises when you accumulate balances on your credit cards and struggle to make timely payments. High interest rates and minimum payment requirements can make it difficult to escape the cycle of debt. It’s crucial to understand the scope of your debt and explore strategies for debt management.

Strategies for Managing Credit Card Debt:

  1. Evaluate Your Debt: Start by assessing the extent of your credit card debt. Compile a list of all your credit cards, their balances, interest rates, and minimum payment requirements. This will give you a clear picture of your overall debt situation.
  2. Create a Budget: Develop a realistic monthly budget that accounts for essential expenses and allocates a portion of your income towards debt repayment. Cut back on unnecessary expenses to free up more funds for debt reduction.
  3. Prioritize Debt Repayment: Consider different debt repayment strategies, such as the snowball or avalanche method. The snowball method involves paying off the smallest debt first, while the avalanche method focuses on the highest interest rate debt. Choose the approach that aligns best with your financial goals and motivations.
  4. Negotiate with Creditors: Reach out to your credit card companies to explore options for lower interest rates or repayment plans. Creditors may be willing to negotiate if they see your commitment to resolving your debt.
  5. Debt Consolidation: Explore the possibility of consolidating your credit card debt into a single loan with a lower interest rate. This can simplify payments and potentially reduce overall interest charges.

The Role of Bankruptcy: Bankruptcy can be a viable option for individuals facing overwhelming credit card debt. It offers potential benefits such as:

  • Automatic Stay: When you file for bankruptcy, an automatic stay is initiated, which halts collection efforts by creditors, including credit card companies. This provides you with immediate relief from harassing calls and collection actions.
  • Debt Discharge: In certain bankruptcy chapters, such as Chapter 7, eligible credit card debts can be discharged, meaning you’re no longer legally obligated to repay them. This offers a fresh start and an opportunity to rebuild your financial future.
  • Repayment Plans: In Chapter 13 bankruptcy, you may enter into a court-approved repayment plan that allows you to repay your debts over a specified period, often with reduced interest rates or manageable monthly payments.

Conclusion: Confronting credit card debt requires a proactive approach and consideration of all available options. By understanding your debt, implementing effective strategies, and exploring the potential benefits of bankruptcy, you can regain control of your finances. At The Law Offices of Dax J. Miller, LLC, we’re here to guide you through this process and help you make informed decisions. Contact us today for expert advice on managing your credit card debt and exploring the potential benefits of bankruptcy as a solution.

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Common Bankruptcy Myths

Introduction: Bankruptcy is a legal process that provides individuals and businesses with a fresh financial start. Unfortunately, there are common bankruptcy myths that prevent people from seeking the help they need. In this blog post, we aim to debunk some of the most common misconceptions and shed light on the benefits and possibilities that bankruptcy can offer. At The Law Offices of Dax J. Miller, LLC, we understand the challenges you face, and we are here to guide you through the process with professionalism and care.

Misconception 1: Bankruptcy ruins your credit forever. One prevailing myth about bankruptcy is that it permanently destroys your credit. While bankruptcy does impact your credit score, it provides an opportunity to rebuild your credit over time. By eliminating overwhelming debts and obtaining a fresh start, you can take steps towards financial stability and improve your creditworthiness.

Misconception 2: Filing bankruptcy means losing everything you own. Another common misconception is that bankruptcy forces you to relinquish all your assets. In reality, bankruptcy laws allow exemptions for certain assets, including your home, car, and personal belongings. With the guidance of experienced bankruptcy attorneys, you can navigate the process and protect your assets to the fullest extent possible.

Misconception 3: Bankruptcy leads to job loss. Many individuals fear that filing for bankruptcy may jeopardize their employment. However, the law prohibits employers from discriminating against employees solely based on bankruptcy filings. Your job security is protected, allowing you to address your financial difficulties without the fear of losing your livelihood.

Misconception 4: Bankruptcy prevents future credit opportunities. Contrary to popular belief, bankruptcy does not permanently prevent you from obtaining credit in the future. While it may impact your creditworthiness initially, many individuals are surprised to find that they can start rebuilding their credit soon after the bankruptcy process is complete. Taking responsible financial steps and working with reputable lenders can help you reestablish a positive credit history.

Misconception 5: Bankruptcy is an expensive process. At The Law Offices of Dax J. Miller, LLC, we understand that cost is a significant concern for those considering bankruptcy. That’s why we offer affordable payment plans for chapter 7 bankruptcy, allowing clients to get filed for as low as $399.00. Additionally, we handle chapter 13 bankruptcies at no upfront cost. We believe that everyone deserves a chance to regain financial stability, and we are committed to making our services accessible.

Conclusion: Bankruptcy is not a one-size-fits-all solution, and it’s crucial to have accurate information when considering this option. At The Law Offices of Dax J. Miller, LLC, we are dedicated to helping individuals and businesses understand the reality of bankruptcy and guiding them through the process with compassion and expertise. Don’t let common bankruptcy myths hold you back from exploring your options. Contact us today to schedule a consultation and take the first step towards a brighter financial future.

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Indianapolis Bankruptcy Attorney

Indianapolis Bankruptcy Attorney

Filing for bankruptcy can be a difficult decision, but it can also be a powerful tool for getting a fresh start and regaining control of your financial future. If you’re considering bankruptcy in Indianapolis, there are some important things you need to know to make informed decisions about your options.

Bankruptcy in Indianapolis

First, it’s important to understand that bankruptcy is a legal process that allows individuals and businesses to eliminate or restructure their debts. There are two main types of bankruptcy for individuals: Chapter 7 and Chapter 13. Chapter 7 bankruptcy is also known as a “liquidation” bankruptcy.  It involves the sale of assets to pay off creditors. Chapter 13 bankruptcy, on the other hand, is a “reorganization” bankruptcy that allows debtors to keep their assets and pay off their debts over time.

Bankruptcy Attorney Near Me

To file for bankruptcy in Indianapolis, you’ll need to work with a bankruptcy attorney who can help you navigate the legal process and ensure that your rights are protected. Your attorney will help you gather the necessary financial information, such as income, expenses, and debts, and prepare your bankruptcy petition. Once your petition is filed, an automatic stay goes into effect that stops creditors from taking any further action against you, such as wage garnishment or repossession.

Telephonic Hearing

You’ll also need to attend a meeting, known as a “341 meeting,” and complete a financial management course. If you file for Chapter 7 bankruptcy, remaining eligible debts will be discharged. If you file for Chapter 13 bankruptcy, you’ll make monthly payments to a trustee who will distribute the funds to your creditors according to a court-approved repayment plan.

At The Bankruptcy Law Offices of Dax J. Miller, LLC in Indianapolis, we understand that every client’s situation is unique, and we take a personalized approach to each case. We’ll work with you to evaluate your financial situation, explore your options, and guide you through the bankruptcy process. Our goal is to help you achieve financial stability and regain control of your life.

If you’re struggling with debt and considering bankruptcy in Indianapolis, contact The Law Offices of Dax J. Miller, LLC today to schedule a consultation and take the first step toward a brighter financial future. We’re here to help you get the fresh start you deserve.

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Bankruptcy Trends

Bankruptcy Trends

Bankruptcy trends typically predict other financial patterns in the U.S. economy.  Consumer bankruptcy is a legal process that allows individuals to eliminate or restructure their debts. It can be a difficult decision to make, but for those facing overwhelming debt, it may be the only way to get a fresh start. In recent years, consumer bankruptcy trends have been changing, with some surprising developments that could have significant implications for consumers and the economy as a whole.

Bankruptcy Filings Plumet

One bankruptcy trend that has been evident in recent years is a decline in the overall number of bankruptcy filings. According to the American Bankruptcy Institute (ABI), total bankruptcy filings in the United States fell by 29% in 2020 compared to 2019. This decline was largely due to the economic impact of the COVID-19 pandemic, as government stimulus programs and forbearance options allowed many consumers to keep up with their debt payments.

However, this trend is not necessarily a positive development. In fact, it may be masking underlying issues in the economy. As the ABI notes, “many households are still struggling to make ends meet, and may be delaying bankruptcy filings until after the pandemic ends or until government assistance programs run out.” This suggests that the true level of consumer distress may not be fully reflected in the bankruptcy data, and that we may see a surge in filings in the coming years as the economic fallout from the pandemic continues to be felt.

Who’s Filing For Bankruptcy

Another trend in consumer bankruptcy is the changing demographics of those who are filing for bankruptcy. In the past, bankruptcy was often seen as a last resort for older individuals who had accumulated debt over time. However, in recent years, there has been a rise in bankruptcy filings among younger generations. A recent study by the Consumer Bankruptcy Project found that the number of Americans aged 18 to 34 who filed for bankruptcy rose by 20% between 2016 and 2019.

The reasons for this shift are complex, but they likely reflect the changing nature of the economy and the challenges that young people are facing today. Many younger Americans are burdened by student loan debt, which can be difficult to discharge through bankruptcy. Additionally, rising housing costs and stagnant wages have made it harder for young people to build wealth and achieve financial stability. These factors may be contributing to the rise in bankruptcy filings among younger generations.

Income Disparity

Finally, it is worth noting that there are significant differences in consumer bankruptcy trends across different regions of the United States. For example, states with high levels of income inequality, such as Mississippi and Alabama, tend to have higher rates of bankruptcy filings. Similarly, states with high levels of medical debt, such as Tennessee and West Virginia, also have higher rates of bankruptcy. These regional variations suggest that consumer bankruptcy is not just a personal issue, but also a reflection of broader economic and social trends.

Bankruptcy Trends Stabilize

In conclusion, consumer bankruptcy trends are complex and multifaceted, reflecting a range of economic, social, and demographic factors. While the overall number of bankruptcy filings has declined in recent years, this may not necessarily be a positive development, as it may be masking underlying financial distress among households. Additionally, the changing demographics of those who are filing for bankruptcy, and the regional variations in bankruptcy rates, suggest that this is an issue that requires further study and analysis. As consumers continue to face financial challenges in the years ahead, it will be important to monitor these trends and ensure that policies are in place to support those who are struggling with debt.

Bankruptcy Consultation

If any of these issues keep you up at night, contact The Law Offices of Dax J. Miller, LLC to learn more.

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Bankruptcy Filings Surge

Bankruptcy Filings Surge

Bankruptcy filings surge as Americans struggle with credit card debt, medical debt and high prices.

Prepare before filing bankruptcy

Even though bankruptcy filings are surging, you don’t need to rush to file bankruptcy.  A smooth bankruptcy filing requires thorough preparation prior to your case being filed.  Obviously, you never want to file a bankruptcy and then be met by surprises.  At The Law Offices of Dax J. Miller, we pride ourselves on going above and beyond to ensure that we prepare your bankruptcy petition thoughtfully and thoroughly.

The Dreaded Bankruptcy Questionnaire

Dax has practiced for, and amongst, some of the largest bankruptcy filers in the country.  One of the most common requirements of larger bankruptcy law firms is that they require the client to fill out a long questionnaire that contains complex legal questions.  You are doing all of the work you thought you were paying a bankruptcy attorney to perform.

Most bankruptcy lawyers:

  1. hold a consultation,
  2. advise you need to file bankruptcy and then
  3. hand you a 50-page questionnaire to fill out all on your own.

The Law Offices of Dax J. Miller, LLC does not take your money and then hand you a homework assignment.

The Better Bankruptcy Way

Fortunately, at The Bankruptcy Law Offices of Dax J. Miller, LLC, we threw the bankruptcy questionnaire out the window.  Our office does not require you, the paying client, to spend countless hours, days, even weeks, preparing a bankruptcy questionnaire.  You pay for a law firm, you get a law firm.  We do the work – not you.

Bankruptcy Filing Surge

If you are reading this today, you are likely considering bankruptcy.  Just keep in mind that every bankruptcy law firm is a little different (and some are a lot different).  You and your family’s future depends on making a wise choice that will decrease, not increase your stress levels.  Dax and his team have the knowledge and skill to make sure your bankruptcy filing will be a success.

 

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File Bankruptcy with Tax Refund

Extra Money Doesn’t Come Around Often…

If you are in debt, filing bankruptcy with your tax refund gives you the relief you need now. Take this opportunity to get of debt and back on track for 2023. Stop worrying about how to pay medical bills, credit cards and collection accounts. File bankruptcy to stop garnishment, repossession and foreclosure.

Filing bankruptcy at tax time allows you to set the stage for the rest of the year. Don’t spend 2023 worried about bad credit and overwhelming debt. Take control of your financial future now. Don’t spend another year getting garnished or watching your credit fall. If you’re reading this now, you’ve already taken the first step. The good news is that you’ve come to the right place.

The Law Offices of Dax J. Miller practice exclusively in the U.S. Bankruptcy Courts.  Bankruptcy is all Dax does.

Timing Is Everything…

The bankruptcy code contains very specific laws concerning how the court treats your tax refund. In most cases, you don’t lose any of your tax refund money when you file bankruptcy. However, that is largely dependent on how you plan prior to filing bankruptcy. Speak to The Law Offices of Dax J. Miller today to make sure you protect your tax refund in bankruptcy.

File Bankruptcy With Your Tax Refund

The bankruptcy court allows you to use your tax refund to pay bankruptcy attorney fees. While there are some expenses you cannot use your refund for, paying your bankruptcy attorney and your court filing fees is permitted. Contact The Law Offices of Dax J. Miller immediately to find out whether you should file bankruptcy before or after you receive your tax refund. If you already filed your taxes, go here to check the status of your refund.  For more information about our fees, click here.

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How to Be the Best Bankruptcy Lawyer

The Best Bankruptcy Lawyer

Being the best bankruptcy lawyer requires attention to multiple areas of a law practice.

Attention to Detail

Whether your attorney pays attention to even the smallest detail may make the difference between the success or failure of your bankruptcy case.  Details as simple as where you have lived within the last two years or how much debt you actually have might make or break your case.  It could be the difference between discharging all of your debt and getting the clean slate you deserve or filing bankruptcy and losing it all.  You need a bankruptcy attorney with a keen eye for detail that knows the potential repercussions of even the smallest differentiation in a fact pattern.

Attention to Your Client

Understandably, the decision to file bankruptcy is one of the most difficult decisions you will ever make.  Listening to and understanding where your client is coming from is the most important requirement to becoming the best bankruptcy attorney.  You cannot possibly help and advise a client whose story and needs you don’t understand.

Bankruptcy Case Law

Surprisingly, bankruptcy case law changes daily.  You need a bankruptcy lawyer who stays updated on all of the issues that could impact your case.  Some of the best bankruptcy lawyers around read bankruptcy case law updates multiple times a day (including Mr. Miller).  Knowing the current state of the law can be the difference between a nightmare bankruptcy and a quick, clean bankruptcy.

Knowledge of Local Practice

Obviously, being the best bankruptcy lawyer means knowing your Judges and bankruptcy Trustees.  Every Judge and every Trustee has difference preferences and positions on the law.  There are several large, nationwide bankruptcy law firms that are expanding into our state.  Would you rather trust your financial future to a faceless name in a Chicago high rise or someone who has been on the ground floor all along, helping people get their fresh start?

Affordable Bankruptcy Fees

Naturally, the best bankruptcy lawyer should be able to offer you the best fees.  The Law Offices of Dax J. Miller offer the best fees in town.  We will match or beat any competitor’s written quote.  We also offer chapter 7 payment plans that get you filed for as little as $399.00 down.  That is filed – not “oh we’ll start a file and get some paperwork going”.  “Filed” means your case is actually initiated in the bankruptcy court and you receive the protection of the automatic stay that stops collections and garnishments.  We also file chapter 13 bankruptcy for $0.00 down.  Each of these fee options have have simple requirements that most people meet.  Don’t fall for the “big name” law firm that wants to charge you $1,800.00 up front for a simple chapter 7 bankruptcy.

Who is the Best Bankruptcy Lawyer?

The truth is simple.  You decide who the best bankruptcy lawyer is.  We offer free, unlimited consultations.  We offer the most competitive fees.  We offer a bankruptcy service that we believe rivals any competitor.  We offer you to call us for that free consultation and you can decide for yourself.  But, at the end of the day, you ultimately decide on which bankruptcy lawyer you will hire.  Contact The Law Offices of Dax J. Miller today to learn more about what sets us apart from the rest.

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Which Bankruptcy Is Better?

Which Bankruptcy Is Better?

Knowing which chapter of bankruptcy is better for you depends on your situation. Fortunately, an experienced bankruptcy attorney can help you determine which is best. Regardless of which chapter you file, bankruptcy provides stability in an otherwise hectic financial situation.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is a “clean slate bankruptcy.” This may allow you to discharge unsecured debt such as credit cards and medical bills. It is a relatively quick bankruptcy and you will receive a discharge typically within 3 months of filing.

Qualifying on the Means Test

You must first qualify to file a Chapter 7 Bankruptcy. Eligibility is dependent on several factors including your income, your expenses, and your family size. Often, a Means Test is conducted to determine if you are eligible.

Chapter 13 Bankruptcy

Chapter 13 is a reorganization of your debt. It can prevent foreclosure on your home or stop repossession of your vehicle. Chapter 13 allows you to restructure unsecured debt and, in some cases, tax debt, student loans, or child support. While you are typically in a Chapter 13 for three to five years, you are only repaying the percentage of your debt that the bankruptcy code requires. Because you have repaid a portion of your debts, this chapter generally looks better on your credit report.

Which is Better?

Which type of bankruptcy is better will largely depend on your specific circumstances and goals.  Whether you file a Chapter 7 or a Chapter 13, bankruptcy can alleviate your financial stress and get you on the road to recovery. We are here to make the bankruptcy process as painless as possible by offering unlimited free consultations and payment plans designed to fit your life.  Chapter 7 Bankruptcy can be filed for as little as $399.00 down and Chapter 13 Bankruptcy can be filed for as little as $0.00 down.

Reach out to us today.

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Discharge Medical Bills

The Trouble with Medical Debt

If you are like most Americans, you probably have some medical debt. Even with insurance, many people may still pay excessive amounts for health care. With the rising cost of living, these medical bills often end up taking a back seat to more important bills. However, once the calls that begin with “this call is from a debt collector” start coming, it can be hard to recover. You can put an end to these calls and discharge medical bills with bankruptcy.

Bills with the Hospital

Even if the calls have already started, you can still file bankruptcy on your medical debt. The most important thing is knowing who you owe and how much you owe to the health care provider. From there, bankruptcy can take care of the rest.

Medical Bills in Collections

You may find comfort in knowing you are not the only one with medical bills that have gone to a collection agency. In 2020, collection agencies held $140 billion in unpaid medical bills. Hoosier Account Services, G.L.A. Collections, Receivables Management Partners, and Med-1 Solutions are a few of the many agencies collecting for past due medical debt. If you have put some of your medical bills aside, you may be familiar with some of these companies. Unfortunately, if you have reached this point, the collection agencies are already reporting negatively to your credit report. You can voluntarily pay on the medical debt to stop this, but that is not always doable on a tight budget.

Lawsuits from Medical Bills

If you’re unable to pay your medical debt voluntarily, you could be sued. Sadly, these kinds of lawsuits are simple for collection agency law firms and hundreds are filed in a single day. These lawsuits can result in creditors garnishing your wages, seizing money in your bank account, and even foreclosing on your home.

How Bankruptcy Can Help

While many people believe bankruptcy is for those who have overspent, research has shown medical debt is one of the top 3 reasons people file. Fortunately, bankruptcy discharges medical bills, which means you would no longer be liable for this debt. Because this debt can be detrimental to your credit and a healthy financial life, it is important to get help now.

 

 

 

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Stop Garnishment

Bankruptcy May Stop Garnishment

You have bills due soon and you worked all week to have enough to pay them. You will have money for food, necessities, and maybe even a little extra spending money. When payday comes, you check your bank account and notice that the amount is only about 75% of what you expected. You look at your paycheck stub and you learn there’s a garnishment. You piece together enough money to get through the week with no end in sight. You may be thinking “how can I stop a garnishment?”

What Is Garnishment?

A garnishment allows a creditor to take money from your paycheck to pay for your debt. By law, creditors may be able to garnish up to 25% of your disposable income. Most of the time, garnishments occur when the creditor sues you in civil court and wins. Unfortunately, garnishments from the IRS or student loans do not require a lawsuit at all – they can just garnish you. Bankruptcy can stop or interrupt most of these types of garnishments.  Bankruptcy also allows you to organize child support and alimony arrearages.

How Bankruptcy Stops Garnishments

When you file a Chapter 7 or Chapter 13 Bankruptcy, an “automatic stay” comes into place. This is a federal order telling the creditor to stop garnishing you. A good bankruptcy attorney can recover any possible garnishment refund owed to you. Creditors who continue to garnish your wages are violating the bankruptcy code which may entitle you to damages against them.

What Should You Do?

Garnishments are difficult to live with. You can pay off the debt, though this is not always possible. If you do nothing, you will be garnished for as long as it takes to pay the debt in full (plus interest).

We can help.

We offer unlimited free consultations and a special payment plan to get your financial life back on track.

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Any more questions? Contact us Today!

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DISCLAIMER

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. This website contains general information about various areas of bankruptcy. It is highly recommended that persons with debtor/creditor problems seek the advice of an attorney. The information on this website is not intended to be legal advice and viewers should consult with an attorney.

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