Advice You - Finance

Many people who have filed bankruptcy know little about the process. Often times debtors are unaware of their options in a chapter 13 because they rely on their

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

attorney; their attorney has a fiduciary relationship with the debtor. A bankruptcy attorney's job is to know bankruptcy law, not the mortgage business or their

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

Examples of combination products may in

uidelines. When a debtor files a BK 13 their main concern is having an automatic stay placed on a mortgage, collection, etc. To save their home from foreclosure

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

When entering into a plan the debtor, usually has no exit plan other than paying the 5 or 3 year plan (contingent upon median income). The debtor can refinance

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

fter 36 months (all unsecured claims become dischargeable debt) and discharge the bankruptcy immediately. This saves the borrower 2 years on their credit report.

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

Combination pro

After refinancing, the BK 6 months out/discharged fannie mae will issue approvals. A bankrupt borrower can easily be transformed to an AA+ 680-720 FICO borrower

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

ielding rates in the range of 6.25-7.00 after doing a loan to discharge the bankruptcy.

In a dismissed bankruptcy a foreclosure bailout out loan can be arranged

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

This topic was discussed in a previous article I published in ezinearticles.com When a debtor is dismissed from his/her bankruptcy the mortgage ALONE can be ref

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

nanced and a Chapter 7 can be employed. When filing a Chapter 7 the mortgage must be refinanced first. I arrange foreclosure bailouts for people more frequently

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

han previous years. When trustee or mortgage payments are missed the bank will make a motion to lift the automatic stay. This leaves the borrower exposed to fore

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

losure until the mortgage is refinanced. If the borrower meets the means test the non mortgage/secured debts can be discharged under a Chapter 7 Bankruptcy. The

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

Following aspects would a

means test" is when the court determines a debtors filing to be abuse of the system. Abuse is presumed if the aggregate current monthly income over 5 years, net

dd to the challenges in developing combination products:

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

f certain statutorily allowed expenses is more than $10K or is 25% of the debtors unsecured debts, as long as the amount is $6,000. The debtor can rebut this gui

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

eline with mitigating circumstances. A dismissal from a bankruptcy has been viewed by the court as mitigating circumstances.

When the payments to your trustee

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

re not perfect you can still get out of your bankruptcy. If the debtor has filed multiple Bankruptcies it is important for debtor to know what claims are listed

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

n schedule D & F (secured and unsecured claims) Often times when multiple liens are present the attorney will file an avoidance on a lien. This means the borro

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

Professional from academic institutions, pharmaceutical industries, health care indust

er is not required to pay the lien back. However, all too often title searches find liens that were never discussed or filed. Liens that maybe very old.

An unsc

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

eduled debt most of the time will not be discharged with a BK payoff because the claim was omitted or an avoidance was never filed. This is a common omission/ove

.

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

sight that can (depending on the amount of the claim) present a problem for a borrower who may not have enough equity to cover the lien.This is where having a th

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

Companies that provide selfless information through particip

ough attorney pays off, you most likely wont have to deal with this predicament. Often times I can negotiate these debts down if they are addressed ahead of time

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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In business you must develop a strong team and to do this properly you must be careful whom you pick to be on the team. Vendors are part of that team. It is not as easy as you might think picking vendors. Let me tell you a story. I take issue with some of our vendors who do not walk the talk.

If your credit problems are behind you but you still think that your current bank is giving you a poor deal, then maybe it is time to switch banks

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Advice You - Chapter 13 Refinance Bankruptcy Code

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