Workers Compensation: Your Safety Net

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Workers Compensation: Your Safety Net

You put your heart and soul into your job, so it seems only fair that you should be protected from harm while you’re there. Most good employers do go out of their way to provide safety training and equipment to keep their workers safe and protected from any hazards. Federal agencies, like the Occupational Safety and Health Administration, also have standards in place for employers to follow to keep their workers safe. However, sometimes accidents happen anyway, and when they do, workers compensation is meant to be your safety net. Most of the time, if you follow your company’s procedures for filing a workers compensation claim, you’ll be paid with no trouble. However, I know from experience that it isn’t always that easy. I started this blog to help you learn what to do when your company or their insurance company denies your workers compensation claim.

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What To Know About Your Vehicle When Filing For Bankruptcy

Your vehicle is an essential part of your everyday life since you use it for transportation to work and to get your children to school. However, you may run into a situation where you are struggling to make your monthly car payment and have begun to consider bankruptcy

What Happens When Reposition of Your Car Is Possible?

If you have been threatened with having your car repossessed, it may be time to consider using bankruptcy to give yourself protection. Meet with a bankruptcy lawyer to learn what your rights are and what can be done to keep your car while you work through your debts. There are ways to place an automatic stay on your debts to prevent creditors from taking your vehicle while you work out the financial details.

Your lawyer may recommend using Chapter 13 bankruptcy as a way to pay back those missed payments in the form of a debt repayment plan. You must continue making regular payments towards the vehicle, but those missed payments will be paid off over time according to local bankruptcy laws. This may be the best way to use bankruptcy and prevent your vehicle from being repossessed. 

What If You Can't Repay The Vehicle Loan?

If you are unable to pay back the vehicle of a loan and it is repossessed, the vehicle will likely be sold at an auction so that the creditor can get back some of its value. There is the potential to receive a deficiency judgement against you as a result. For example, if your vehicle is worth $15,000, but you only paid off $3,000 of the loan, then there is a $12,000 balance left on the vehicle. If the car sells at an auction for $10,000 then that would leave the creditor short $2,000. This $2,000 would be considered a deficiency judgement that you would still be required to pay back to the creditor. 

Be aware that this deficiency judgement can be included if you decide to file for bankruptcy after the judgement is made. Since the auto loan debt is no longer secured by the vehicle that has been repossessed, it can be completely discharged under Chapter 7 bankruptcy laws. That is because Chapter 7 does not require any type of repayment plan for those debts, and they will be completely discharged after you go through the bankruptcy process and have your request approved by the courts.