Advice You - Finance

Prior to filing for bankruptcy you should consult with a lawyer regarding changing laws. The newest bankruptcy laws went into effect during 2005 and have made the filing process more difficult and expensive. A new provision to the bankruptcy law stipulates th

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

at a person must meet with a credit counselor and attend money management courses before their debt is discharged.

If you are contemplating filing for bankruptcy you should be aware there are two types of bankruptcy, Chapter 7 and Chapter 13, and each has it

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

s advantages and disadvantages. You should also familiarize yourself with the difference between secured and unsecured debt, as this will help you to protect your most valuable assets during bankruptcy.

WHAT IS CHAPTER 7 BANKRUPTCY?

Chapter 7 bankruptcy is

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

intended to give people a fresh start. Assets are liquidated and used to pay creditors, although if you do not have assets of real value there is a chance to have your debt removed without giving much to the credit card companies. The new law makes filing for

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

Chapter 7 more difficult because if your income is above your state's median, and a judge determines you are financially able to pay at least twenty-five percent of the unsecured debt you will not be allowed to file.

WHAT IS CHAPTER 13 BANKRUPTCY?

You can m

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ake an appeal to the court that you have special circumstances, such as a natural disaster or severe illness, which further prevents you repaying the debt but most lawyers at this point will advise you to consider Chapter 13 bankruptcy. Chapter 13 bankruptcy

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

puts you on a repayment plan with the creditors for a period of at least five years. The interest rates are often much lower than the original debt, and you are not responsible for debt unless it is specifically stated in your repayment plan. Under the new la

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

w courts will apply pre-set standards determined by the IRS to compute how much money you should allocate towards housing and food, and how much money you should have left to pay off your debt.

WHAT IS SECURED DEBT?

Once you and your lawyer have determined

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ow you will file for bankruptcy, you should begin itemizing your assets and labeling your debt as secured and unsecured. Secured debt is credit given to you based on the value of the property you bought, such as a car loan. Should you fail to make payments th

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

e creditor with a secured interest in the property may have the item seized, and if the item is now worth less than your debt the creditor may sue you to make up the difference.

WHAT IS UNSECURED DEBT?

Unsecured debt is credit given to you solely on your pr

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

omise to repay at a later date. An excellent example of unsecured debt is a credit card. Failure to pay unsecured debt may cause the creditor to obtain a judgment against you, and once this happens there is no hope of protecting your assets until your debt ha

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

s been settled.

A creditor may obtain a judgment against you if your debt has remained unpaid for a long period of time, the balance of the debt is very high, or a combination of both. Once a judgment is obtained you are forced, by law, to pay back the debt

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ou owe. To achieve this goal the creditor may request TO garnish your wages or even put a lien on your house to satisfy the debt.

HOW TO ITEMIZE YOUR ASSETS TO PAY DOWN DEBT

When itemizing your assets you should consider the value of your property in terms

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

of what you could sell it for. Some debts such as your mortgage and taxes will not be absolved after you file bankruptcy, and you may consider selling some of your assets to pay down on these debts. Once you have taken stock of your assets, you can determine

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

which of these assets are considered exempt property and untouchable by creditors.

Some states have very liberal homestead exemptions which allow you to keep a certain amount of your equity which will allow you to rebuild after declaring bankruptcy. States s

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

uch as Florida and Texas allow you to keep all the equity in your home, whereas states like Alabama only allow you to retain the first $5,000. In states with more liberal homestead exemptions it may be to your benefit to use liquid assets to pay down on your

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

quity. You can also refinance the equity from your homestead exemption and use the money to pay down on your unsecured debt.

OTHER LEGAL OPTIONS TO PROTECT YOUR ASSETS DURING BANKRUPTCY

Other legal options for protecting your assets during bankruptcy are ma

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

king annual contributions to your IRA or other pension plan. It is important to consult with an attorney to make sure your pension plan complies with federal standards for bankruptcy exemption before you move any funds from existing accounts. You may also tie

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

up money by purchasing additional life insurance, obtaining an offshore annuity, or by gifting certain assets.

If you choose to transfer ownership of your assets, make sure this transfer is permanent since you are taking an oath when you file bankruptcy tha

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

t you have accurately presented all of your assets for consideration in repaying debt. Your actions within the last ninety days before you file for bankruptcy will be highly scrutinized in court, and any suspicious activity may result in a denial of your case

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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