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Considerations to Make When Filing for Bankruptcy

The recent financial crisis dealt a huge blow all over the United States. Across America, plenty of plenty of people are struggling with insurmountable debt. It’s an unfortunate reality that thousands of Americans are having a hard time meeting their financial obligations and regaining control of their credit scores. Thankfully, those stuck in such situations have the option to file for bankruptcy and be granted financial relief by the law.

When filing for bankruptcy, a business or individual makes a legal declaration that they are no longer able to meet financial obligations and repay the debts they have to creditors. Through the process of bankruptcy, the court can give a business or individual several benefits that can help them get back on their feet and work towards financial stability. Among these benefits include the discharging of unsecured debts, the restricting of the debt payment scheme, and the liquidation of some assets to help pay debts to the government. However, specific outcomes will depend on the type of bankruptcy that was filed for. The U.S. Bankruptcy Code allows people to file for a certain type of bankruptcy that best fits their situation and needs. As pointed out on the website of Gagnon, Peacock & Vereeke, P.C., two popular options are Chapter 7 and Chapter 13. The first option allows the applicant—if successful—to have their debts completely eliminated through the liquidation of their assets. Meanwhile, the second option gives the applicant the chance to have their debt reduced while protecting them from foreclosure or wage garnishment.

Going through the bankruptcy process also assures a business or individual protection from debtors or any action they take to cover unpaid debts. Anyone who files for bankruptcy are awarded by the court with something that’s called an “automatic stay”. This prevents debtors from making any sort of contact or action in attempts to urge debtors to meet their payments.

While it can definitely be a challenge, regaining control of finances and other similar obligations is not impossible. If you have been struggling with mounting debts and other financial difficulties, it might be time to contact an experienced bankruptcy lawyer and learn more about your legal options.

The Costs of Pharmaceutical Defects

Modern medicine has been a boon to mankind in many ways. It has extended the life span and improved the quality of life of most people on the planet. An article on the website of Nashville-based law firm Schuler, Halvorson, Weisser, Zoeller & Overbeck, P.A. states that potent drugs have become an integral and effective part of modern medical treatment. But there is also a dark side to this, and that is the tendency to “pop pills.”

People have become dependent on “wonder drugs” and “magic cures” to address health problems which back in the day did not even exist. In many cases, a common sense approach to a problem would solve it without the need to resort to the medicine cabinet, but it has become much easier to pop a pill and a call it good. As a consequence, there is a greater chance of encountering pharmaceutical defects that could result in serious injury and health complications. And the damage control and treatment costs of pharmaceutical defects can very well reduce one to bankruptcy.

A good example is the use of certain oral contraceptives that seemed to be a godsend to women who wanted to avoid pregnancy but feared gaining weight, which is a common side effect of many oral contraceptives. This new formulation did just that, but it turns out later that it caused dangerous levels of blood clotting which could lead to deep vein thrombosis, pulmonary embolism or stroke. Each of these complications require extensive and lifetime treatment and care at great cost. It also means loss of income, pain, suffering, and even death.

There are unfortunately quite a few drugs that turn out to have fatal flaws. For many people, the financial burden of the costs of pharmaceutical defects can be overwhelming. If the costs of pharmaceutical defects has pushed you to the brink of bankruptcy, you should know that you may be able to get back some of what you have lost with the help of a pharmaceutical liability lawyer. You have nothing to lose by trying.