January 26, 2024
Whether you’re in a challenging financial place from income changes or high debt that has just become too much to bear...Read More >
What happens when you are in an accident and you’re not hurt but your car is?
Someone hits you from behind or goes through a light and side swipes your car ?
The person’s insurance company pays for the damage. They give you a loaner and you are really happy to see your car whole again. Everything worked out to be perfect. But wait…
What happens two years later when you want to trade-in this really nice low mileage car?
“A car that has never been in a crash may be worth $15,000 at resale but thousands less if it has been in an accident and repaired. Diminished value insurance claims allow car owners to recover the difference between a car’s pre-accident value and its value after repairs. ”
This kind of scenario happens quite often.
What to do when you find yourself in this predicament?
Here is what you should do.
Find out if the accident is on your Car-fax.
Get an appraiser to check what the true value of your car is.
Find the market value of your car to see what the loss value is going to be.
Go back to the insurance company of the person that damaged your car and ask to file a diminished value claim. (Pennsylvania has a two year time frame to file a claim.)
Insurance companies don’t always pay for a vehicle’s diminished value but many consumers feel that it is the insurance company’s responsibility to pay for a diminished value claim. Insurance companies in most states will consider who is responsible for the accident to decide if they will pay a diminished value. Consumers have at times tried to sue insurance companies into compensating them for diminished value. If you have your own collision and comprehensive coverage your own insurance company won’t pay for your diminished value claim.
If you sue the at-fault party’s insurance company, though, you could have a valid claim.
*Mike Solito from Auto Buyers Consultants, is a car buyer that assists our clients to purchase quality vehicles at the best possible rates even for buyers with credit issues.
With some simple planning, you can either keep or use your tax refund to rid your debt by filing Chapter 7 bankruptcy.
If you’re expecting to receive or have already received a tax refund but are considering filing for Chapter 7 bankruptcy, you probably want to know if you can keep your refund. The answer is yes!
When a debtor files for Chapter 7 bankruptcy, all their assets become part of the bankruptcy estate. In order to protect these assets, we need to claim an exemption or use that assets prior to filing.
In Pennsylvania, we utilize the Federal Exemptions, which allows for an $11,850 wildcard exemption. What does that mean? As long as your refund is less than that amount you can keep it. If it’s more, we can plan to utilize the refund to retain the value it provides.
If you are thinking of using your tax refund to pay off some of your debts, give the Debt Doctors a call. We will be able to see if we can protect your tax refund and eliminate all of your debt with a Chapter 7 bankruptcy. Any firm can file your bankruptcy paperwork, but we believe our job doesn’t end there. A lot of our work focuses on counseling you through the stress and uncertainty that goes along with being in debt. If you’d rather inquire online, click here.
A common question many of us face is whether to co-sign for a loan. Initially, co-signing a loan seems like a nice and supportive gesture. But helping a close family member or friend by co-signing can have major impacts on the future of your financial health.
Before you co-sign on a loan there are a few important things to consider:
Overall co-signing is a long-term commitment to take on someone else’s financial debt. This is where The Debt Doctors can play an important role in helping you to decide if you should co-sign or not. You can schedule a free consultation today and receive the guidance you need to make the best decision for your financial future.
The Wall Street Journal reported recently that The White House is looking into ways to help people who are burdened by insurmountable student debt to alleviate some of that stress through new bankruptcy options. Currently, neither federally backed or privately-issued student loans can be discharged in a bankruptcy, but through the Chapter 13 Process you can force an income based payment on your student loan servicer for 5 years.
The plan that the White House is exploring could go a step further than this. However, there are few things you should know about the plans that The Obama Administration is exploring, and points to consider if you have crippling student loans.
While a borrower may have ensured the benefit of their education, student loan servicers don’t differentiate between parents and students when collecting their debt. This measure would help to lessen the burden on parents that have co-signed for private student loans. However, be aware that filing a Chapter 13 Bankruptcy now for student loans can help protect co-signors from collection because the Court can enter an order protecting co-signors if one of the parties files a Chapter 13 Bankruptcy.
Unfortunately, while this bill may add some additional tools to our arsenal for managing student loans this relief may never actually pass the Republican controlled Congress.
Until we find out what is going to happen, there are still options; if you have federal or private student loans from creditors who are being overly aggressive, or if you can’t afford your student loan payments, or even if you just want some options, call us at 1-877-332-8369. We will give you a consultation and you can find out more about how the Debt Doctors can help you manage your student loans and help you prepare “for life after debt”.
From: Alicia Holliday – Paralegal
The Misconceptions, stereotypes and uncertainties involved with filing for bankruptcy are the three major reasons people do not consider this as an option for financial freedom. It is sort of an oxymoron to include financial freedom and bankruptcy in the same sentence, right?
Believe it or not, while working with the Debt Doctors I hear those two words frequently from our clients. Just today, we had a client randomly stop in to tell us how his father has had a financial breakthrough since finding The Debt Doctors. His father is now a different, more up beat person, and he was looking desperately for the same experience. He now wanted to experience his own financial freedom.
Generally speaking, the best thing we can do when we are perplexed and uncertain about things is to do our research. I had no idea how constructive filing for bankruptcy can actually be! I became more educated on the subject as I began to witness the transformations in people’s lives personally. I’m convinced that there are more pros then cons than I initially presumed. Bankruptcy really gives our clients the ability to take more control of their finances.