79 K bill for the DW just hit me…I have a balance of 267,885.00 so far..
I know it is too late for the med ins game, but maybe I got someones attn. here.
Get it …get it…pay it like child support, cuz ya need to and want to.
I thought I could duck and run from the sale of the NC house, and buy a dump..guess what?
HER assets got froze…I am next.
Beg , borrow or steal a plan NOW…! I missed the boat..married into a preexisting, and am gonna be paying long after I am dead.
welcome to the jungle.
Spheramid Enterprises Architectural Woodworks
Remember when it was you doing that.
Replies
universal medicare: surely no-one deserves to go broke trying to live.
Phill Giles
The Unionville Woodwright
Unionville, Ontario
seizing her account is akin to wringing a cacti for a drop of nectar.
I don't often get clue less, but this is the final blow.
just now talking w/ a neighbor to sell the lot out back ( where my shop was gonna be)..the most I'll see is 7.5K for the 2.5 acre.
even then, I'll still be hosed for the balance due.
I have a net of 80k..or so...this dont look good. Spheramid Enterprises Architectural Woodworks
Remember when it was you doing that.
Sorry to hear that. It really stinks to get hit with something major like that.
We had some friends a few years back who got hit with a major surgery. They claimed that public aid (?) had a program for this. They called it a "buy-down", or something like that. If you had more than a certain amount of medical expenses in one month, they'd pick up a percentage of it.
Unfortunately, we no longer keep in contact with them since they moved away. And I don't know how reliable the info was. But it might be something that's worth looking into.
You need to talk to a lawyer. Quickly.
Get one who knows bankruptcy and do it before the new law kicks in on October 1.
No sense ruining the reat of your life over unavoidable medical bills when there is some temporary (10 years) bitter medicine you can swallow.
Griff
IIRC, it has kicked in.
I had an occurance in '95 of a chapter 13..I absolved 27 K of a client's house addition. I have no credit at all.
They went chap 11 or 13 I ferget, and stuck me w/ 40k of a 120k job.
I have a lien in the magistrates office in Pa, and they will NEVER sell..it already is bequeathed to the NOK daughter.
I have an inheritance of 13 million..( yes, 13 million) when I reach 50 or my Mom dies, which ever comes first.
5 million is dedicated to the church, and is safe from seizure by the collectors / and service providers..the remaining 8 is my oh myne..if I see 50.
Basically, I need a plan to live on..till I hit 50 in 5 yrs ( or Mom dies) and keep the wolves away.
Gawd..I shouldn't have said anything.
Spheramid Enterprises Architectural Woodworks
Remember when it was you doing that.
I don't like government control of anything. But frankly cases like yours keep me thinking that there has to be a better way. The fact that many can't afford health insurance not because of poor money management but simply because it is such a large percentage of their income just sucks.
My brother works for me. My wife has our health care from her job. I did finally find a health care plan that he pays $200 a month and I pay $200 that will cover anything past $2500 a year. At least he won't go bankrupt from medical bill but it covers little on the way up to the yearly deductable.
I have no advice but to offer sympathy and condolences on your situation. I wish it were better. DanT
Well, then I double my urge to tell you to see a lawyer.
I don't know, but maybe there's something he can do with a trust or something to avoid the money from actually coming into your hands and thus being attached by everyone coming out from under the woodwork.
But, I'd still talk to a lawyer about bankruptcy for now.
Basically, I need a plan to live on..till I hit 50 in 5 yrs ( or Mom dies) and keep the wolves away.
With your future assets verified, and perhaps encumbered, a plan can happen. Creditors want to get paid (duh) but they also will listen to reason when they have to. Legal advice is what I'd be looking for, along with a conversation between the attorney and the creditor(s). A lot of it has to do with the instrument of your inheritance. Surely there's an attorney involved?
No guarantees, but I'd hold off selling your little piece of heaven there. You already know it's a drop in the bucket, and worth more to you than anybody else.
Good luck. PAHS Designer/Builder- Bury it!
Yes Tom, I have a good paison type philly lawyer on it..he is more geared toward criminal vs civil cases tho'' LOL
The church is balking at helping out ( I was cast out, in '76)..but the fact that the money resides there until the maturation, is a problem...my Lawyer needs $ , I need bucks...they won't reply without thier lawyer in the mix..
Meanwhile, the bills are killing me. Spheramid Enterprises Architectural Woodworks
Remember when it was you doing that.
Frankly, before the attorney, may I suggest you contact a fee based Certified Financial Planner. (NOT anyone based with an insurance company - not at this time - or if the trust is with a bank, someone other than the bank's guy) Not to be disrespectful, but if your claim of this inheritance has truth, like VATom says, it forms the basis of a plan.
Or, a seasoned CFP working with a large brokerage firm such as AG Edwards or Paine Webber. These guys have access to their HQ's top Trust Department attorneys. These type of attorneys were born and bred to find ways to work with and around trust documents. If you can get access to the actual trust document itself as well as any amendments, one or more of these brokers can get you some rather interesting responses - at NO cost for the evaluation as opposed to the attorney or fee-based planner. They do these services in hope of eventually beng named successor trustee. (Perhaps they can find a way for your mother's trustee to make a low or no interest loan to cover your mediacl bills?)
CFP can look over your present and future assets and possibly arrange a line of credit to be repaid later under the terms of your momma's trust. Well experienced CFP's can come up with some rather interesting methods of asset utililization, while being respectful of the grantor's wishes.
If and when the 13 MIll shows, don't be a fool and think you can play stocks and get even richer by trading online with your line of work and education. You ain't about to get another chance at 13 million. That CFP connection will be one of the best you'll make.
Remember, that 13 million is only enough to provide you with $1,000,000 income per year - no more unless you wish to risk exhausting the principal. Preferrably less.
And that $1,000,000 per year after paying taxes will leave you with about $550,000. Tax free strategies will leave you with approximately the same residual, maybe less considering this market.
If you leverage now against that future income stream, you MUST factor in the the future value of the debt against that income stream - and you've only got that 1/2 mill to work with. The key to making leverage work now is thru a low cost of carrying that debt.
But you, yourself gotta know that trust document thoroughly!
Edited 7/19/2005 2:09 pm ET by stonefever
I guess, Iam a "believe it when I see it" kinda soul, my Dad still has the control, albeit , not the church's cut.
We are Schwenkfelders, an off shoot of Siliesian Germany and Prussia..( ( King Of Prussia , PA)
been here since Casper Von Schwenkfelder arrived in 1734...in what is now known as the Perkiomen Valley , just up the hill from Phila docks.
I did hire a CFP in the bankruptcy stage, but he has since passed away..and has a large pile of documentation with him, in his grave...just my luck.
And to top it all off, I was incarcerated in a county lock up during the millenium switch..and a former squeeze helped her self to my CC's and line of credit.
I am still paying that off.
Thanks fer listening..I just need to hash it out sometimes. Spheramid Enterprises Architectural Woodworks
Remember when it was you doing that.
Stone
I'm a Fee-Only (NOT FEE-BASED) CFP, and have been helping others for years, all for an hourly charge. Now, I'm biased, but were it my $13MM, that's where I'd go. Remember, the 'advisors' at any of the retail wirehouses (Edwards, Jones, Waddell, Webber, Lynch, etc) or insurers (Country, ING, etc, etc) are compensated largely, if not completely, through comissioned sales. Now, as an example, if you were running a large construction firm that required extensive property and casualty insurance, would you seek the 'advise' for the correct insurance coverage you'd require from an insurance agent who recieved his compensation only through the commissions paid on the insurance products he sells? I wouldn't! For the best advise, you'd need to find a consultant who is knowledgable (holds the right credentials) and whose pay is not tied to what he sells you. Personal finance is no different.
One other individual would be a CPA/PFS. These are CPA's who have taken additional training in personal finance for the PFS (Personal Financial Specialist) credential.
And to the original post, I sympathize with your plight. I've lost count on the number of self-employed individuals I've met with who simply cannot afford traditional full coverage health insurance. A couple of alternatives would be to start a HSA, providing you have no other coverage. This account looks a lot like a deductible Traditional IRA, in that it allows pretax contributions that don't exceed the annual deductible of the high deductilbe health plan, and out-of-pocket expenses (for deductibles, co-insurance or non-covered medical charges) may be paid for with the pretax $$. The annual contributions grow tax free and if not used, can be withdrawn after age 65 as ordinary income. Another option is simply a high-deductible Major Medical policy, particularly through a local HMO if available. I know....HMO's have gotten a bad rap in the past several years, but its tough to find more comprehensive coverage through a Blue Cross style plan, which is typically riddled with exclusions that are hard for the average person to decipher.
But for most self-employed, this is small help when the existing medical bills are large, like yours. And Chapter 7 (not 13, which requires you to have the resources to ultimately pay the debt) now is quite hard to get....you'd have to esentially, as I understand it, divest yourself of virtually all assets. A bankrupcy attorney is likely your best choice at this point, but your options will likely be limited.
BruceM
Sphere,
I've been managing $ for over 20 yrs. If you can confirm and verify your inheritance, (and I have no doubt that you CAN!), there are companies out there that would be more than enthusiastic about using that future income stream to pay you out funds today. This is what some of the rock stars did back in the 90's ...they took funds now and sold securities to fund those payments. In their case, they were guaranteeing the funds paid today with royalties from their records. You have the same situation. If you want to email me, I can give you some ideas. An NO, I have no vested interest in this, (unfortunately for me!). But there are plenty of legitimate companies out there who will pay net present value of an income stream in the future. If you are interested, let me know. There is no guarantee, however, and there could be hurdles to this, as you probably know.
BB
I have been aware of the ramifications for the last 7 yrs ( when GPAW died)....I really have sought advice as far as my taxation and interest income, but BUT,,till my mom { 77 } gets her her fair share ( not her Dad, My dads dad), which was taboo for her ..hence the:
" she dies or I make 50"...before fruition clause.
I have not seen anything as far as interest, the church has it all in trust..I also have 2 cousins who share the other two thirds.
They are close to my age ( mid 40ies) , but they have a differnt claim, they got paid.
I am a blacksheep, and my folks ar divorced..and an only last remaining hier..with the name, and I am proud to have 2 beautiful daughters, so, no namesake...makes the red lines in my eyes look more real..
what slays me is that the friggin rectum wipes wnt to chase a few hundred thou WITH OUT KNOWING I COULD PAY IT..( in a few yrs)
I can't share this anymore..too soft in the heart land, I love my wife's efforts to overcome, the overcomable, I need lessons. Spheramid Enterprises Architectural Woodworks
Remember when it was you doing that.
I don't know what else to say. Except hang tough, and think it all through before you act.
We are all in this together.
http://www.hay98.com/
Thanks Bro.'
Her newest was a nonivasive ectomy..but gawd, they charge an arm an a leg for a biopsy of a fibroid growth that is the size of a grapefruit.
I will be calm, it will pass. Spheramid Enterprises Architectural Woodworks
Remember when it was you doing that.
$13 mil ? Ummm. Have I ever told you about this really valuable invention of mine? It's so cool, everyone will want one ... or two. It will sell itself ... fly off the shelves. All I need is a little seed money, and you can have naming rights. Double your investment. Oh yeah ... it's a super jig for boring bannister holes in stair handrails. How 'bout it?
I'm sorry, I thought you wanted it done the right way.
Ed, I'd like to entertain any and all possibilities. Th problem is still, I am cash strapped, and hilted to the med bill chasers.
Gimme a few yrs of serenity and we'll be happy to provide seed funds.
Callme crazy, but I have already made a donation for the research and study of _________I can't say it here. There are at least one if not 3 , posters with issues or loved ones dealing with it.
When Gpa died, I had all the phishers and voyueur istic privateers haunt us.
Not that you are one, just a bit gun shy, and cautious.
Again, wealth is not a problem in the 3 d way of looking, wealth becomes a problem when it is of no use to onesself. Spheramid Enterprises Architectural Woodworks
Remember when it was you doing that.
Th problem is still, I am cash strapped, and hilted to the med bill chasers.
That's what they do for a living. I hired a collection agency once. Got quite an education.
An agreement can be reached. Certainly you need one. That's where you need some help. If the attorney wants cash to do more work, you need somebody else. Delayed payments work just fine, costs you a little more, but works. Remember, your creditors have substantial expense hounding you. Everybody wants the same thing: a resolution.
Wealth, I wouldn't know much about. Even if my don't-have-a-pot-to-piss-in neighbors view me as a "rich bastard". That applies to anybody who has more than they do, which is almost everybody.PAHS Designer/Builder- Bury it!
That was a joke amigo. Sorry you didn't pick up on it. Didn't our ex-friend larry try to sell some kind of jig like that?
Seriously ... I would never hit on you for something like that. And I'm sure you'll get plenty of solicitations.
I'm sorry, I thought you wanted it done the right way.
I know..I was just in a frame of mind that was/is a new place.
About when I hit POST , I had another stone passage.
4 ? yrs ago, I had the kidney stone thing, en masse
20 minutes ago, I had a repeat of a small meteorite out my wee wee........
last time was thanksgiving nite. er visit..
I was ready for this one..I hought
I feel anothr soon to b relesd gotta go. Spheramid Enterprises Architectural Woodworks
In fairness and fun, Flight and run is our forte .
2300 oclockness do you know where your child is?
If you say IRAQ...+ to you.
I do the kidney stone thing. 'bout every two years. Sucks big wind. Worse than bearnin' babies without and aspirin or a wooden spoon to chew on. Hear it's worse fer boys. Sorry.I stole this sig from someone smarter than I am.
I cant sleep it fired up so ruff..
Funny how it happens when I just got a stab on a new thread Spheramid Enterprises Architectural Woodworks
In fairness and fun, Flight and run is our forte .
2300 oclockness do you know where your child is?
If you say IRAQ...+ to you.
Ruminecesnt I see,,welcome to the new jungle.
Beawre of thives and so called potters, the wolf grins in sunday suits of spades ,
landed upon time and trouble, he waits Spheramid Enterprises Architectural Woodworks
In fairness and fun, Flight and run is our forte .
2300 oclockness do you know where your child is?
If you say IRAQ...+ to you.
Back, same but different. Safer, better.
The armies of the day have chased the army of the night
I stole this sig from someone smarter than I am.
Mon Ami. que esta simplado question..?
Sorry, the fun went away with a girl I used to know..French as a las savoire faire and ching chio don't mix....
Don't play...we got email uya know? Spheramid Enterprises Architectural Woodworks
In fairness and fun, Flight and run is our forte .
2300 oclockness do you know where your child is?
If you say IRAQ...+ to you.
thanks? Spheramid Enterprises Architectural Woodworks
In fairness and fun, Flight and run is our forte .
2300 oclockness do you know where your child is?
If you say IRAQ...+ to you.
Here kitty, kitty.
Sphere - Sorry for all your troubles...keep keeping on...and this is the 21'st century - who says you are the last with the name? Daughters have DNA, & can keep the name if they want it - so nuts to all the bad folks!
And we certainly do need universal medical care - Canadians are a lot smarter, in many ways...it's just so COLD up there ;).
Canadians are a lot smarter, in many ways
They are 32.1 million, we are circa 290 million. The math is a little different.
"And we certainly do need universal medical care - Canadians are a lot smarter, in many ways...it's just so COLD up there"
For one thing, it seemed from his original post that he CHOSE not to purchase medical insurance - not that it wasn't available. There are plenty of programs for those who cannot afford insurance.
Second, in a single payer system like Canada's, he'd probably still be waiting for whatever treatment it was he got in the first place. Waiting lists for even surgeries we consider routine can but 2 years & longer up north where the "smart" people live.
Yer right.
I chose to NOT buy into BC/BS, cuz of the monthly premiums, which I THOUGHT I'd never use.
Just lookin the Tavern for my newest reason...to spend the $. a little catasrophe, can cause a big expense right quik.
Just losing wages, is enough to warrant a monthly payout ...
" I see, said the blind man"
Timing is everything Spheramid Enterprises Architectural Woodworks
Have you talked to your healthcare provider (hospital, doctor, whatever). A friend of mine who also didn't have any coverage ran into some big bills when his wife needed a whole batch of tests and treatments.
He told them flat out that he didn't have the $$ to pay, they ended up working out a payment plan that he could afford spread out over like 30 years or something. Just about everybody that is owed money would rather work something out with the customer than call a collection agency - collection agencies are expensive.
yeah, we have a managed paymenyt plan with the big ones, it is the radiolgy and sideline stuff that keeeps popping up..I really don't know if she ever even saw that treatment..but they bill just the same. Spheramid Enterprises Architectural Woodworks
Sphere,
forgive me, but you are missing my point. I am telling you that there are companies who will give you dollars NOW as a Net Present Value of your income stream at 50. They will take a bunch of numbers such as your mom's life expectancy, probability of income as well as projected amount, etc., etc. But in any case, you have the chance to realize some of that NOW. Is that of interest to you??? It should be!
BB
point taken, and understood with gratis.
After my own recent tumble, I see the plan, of extracting a "front" payment from the well.
As long as I can forsee, my mothers time here, and my current state of affairs, preclude any option that would allow that.
I have a pile of papers....just sorting out the details FOR ME is a chore, and my hired gun is also sifting thru the details..one page at a time. Spheramid Enterprises Architectural Woodworks
"Get one who knows bankruptcy and do it before the new law kicks in on October 1."
I'm not saying he shouldn't speak to a lawyer quick RE: bankruptcy, but the new law wouldn't limit a case such as this. The new law affects running up tabs on credit cards and such and then declaring bankruptcy.
Medical bills are certainly not frivolous items that you would run up because you can.
I've just decided to not go to the doctor anymore. F it. It's all in fate's hands. I'm not giving any of my money to another insurance company, or greedy doctor. They use each other to get rich off of scare tactics, and 1,000% mark ups.
I was in the hospital for 6 days in September '04, of which I saw the doctor a total of about 2hrs, including the procedure he did. $9500. In the end it turned out, that what they thought was a tumor, was an infected broken blood vessel. I spent 3 days thinking they were going to cut my tongue off, and 2hrs before the operation, the blood vessel finally ruptured. So they just cleaned it all out, and sent me home. If the diagnosis would have been right, they could have done a simple procedure the day I went to the ER. What a joke.
Sphere,
Been there. Had insurance until my daughter was born. Her and her sister were born at just over six months. One made it one didn't. Luckely we had insurance thru my wives employer.
My wife was going to be a stay at home mom and her coverage soon ended. What I didn't account for was that since my daughter had what was now a Pre-Existing condition that I would never get covarage. I would get a policy witha premium of say $1500 a month but it would go up to $2500 a month right away and then get cancelled in the second or third month.
I racked up a ton of bills until one day I got a bad feeling. I volunteered to go on a stateside short active duty tour because I knew I would get benefits. Four weeks later my daughter went into the hospital for four days and the bill was over $30K.
I paid up and today am free and clear. Owed maybe $125K. Here's what I know. Hospitals are required to provide a certain amount of free care each year. If the hospital hasn't reached it's amount yet you can file for free care.
It's illegal for a doctor to bill a cash customer one price and the insurance company another. Since insurance companies typically only pay 1/3 of what is billed they will often accept the same amount from cash customers as full payment but only if you ask.
Carefully choose a credit counselling company or organization. Lots of them cut deals with your creditors. They may take the $10K you owe but they call the Creditor and get them to accept $7K as full payment and pocket the difference. Plays havoc with your credit. Thankfully I did my homework and didn't get sucked in.
Good Luck
Hey Duane
I'm really sorry to hear about this. You know I am only working a low paying temp job, and the insurance is really too high for me to afford for me to insure my boys. I'm insured by the company, but at a hefty premium. My drug costs with a drug card are over $200 / month. I have cut back to the bare minimum, but I am going under. Your expenses outstrip mine by a magnitude, but I know where you are coming from. There is no easy answer to the problem of insurance costs. I think the real cost of medical care itself is life support for lawyers.
In all fairness to the medical professionals, they have been very understanding.
I can whittle it down a bit each month..for eternity. Spheramid Enterprises Architectural Woodworks
They wouldn't have to charge so much if the lawyers didn't suckle of the medical industry teat, getting fat off the unfortunates. And nearly all the politicians are lawyers, so I don't see an answer to the problem.
Point taken. My lowly stitches cost over 700 bucks. A few months back..
aarrgh, don't get me started again Spheramid Enterprises Architectural Woodworks
Sphere-
I've admired your efforts for a while long distance. After hearing this, I only admire you more - and feel for you.
I'm not a bankruptcy specialist, but if you have a generalist lawyer working on this, I think you might be making a mistake, maybe an expensive mistake. You need to talk to people that know the law well in your case. If it's a criminal lawyer working on a bankruptcy matter with trust overlays, that's asking a lot of one guy. He/she may be trying to help, but may be in over their head. Are you comfortable with this person, or are you stuck with them?
I don't want to push myself where I'm not wanted, but if there's anything you want to run past me, I'll listen. I can't really promise much since the law is different state to state and I know less than nothing about yours. But I'll see if I can come up with anything.
Hang in there, and bless you.
Don
I agree Don. I think it's crazy to have a criminal lawyer working on a bankruptcy. You'll be paying a lot for him to get an education.
Would anyone here let a blocklayer build them cabinets?
blue