Advice You - Finance

To begin to understand the real depth of filing for personal bankruptcy, we have here an interview with an actual costumer of ours at Personal Bankruptcy, Jenny Smith and our professional counselor Martin Rogers. They are here to

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

talk about a question that we have all asked ourselves:

Jenny Smith:

- Can bankruptcy be a solution for our debt problems or can it become a problem?

Martin Rogers:

One popular myth that people believe is that if they file fo

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

Examples of combination products may in

r personal bankruptcy they will surely get rid of all their debt problems. That is not true at all!! Bankruptcy is not the ultimate solution for debt related problems. It is not even the most recommended, and it carries a lot of

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

after-effect consequences with it.

Jenny Smith:

Martin, people truly believe that filing for personal bankruptcy can bring them a new fresh start. Is this true?

Martin Rogers:

Jenny, did you know that more than a million Ameri

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

cans file for personal bankruptcy per year? People still think that filling for personal bankruptcy will bring them a fresh new start and they are wrong. Huge amounts of debt are the main problem, and people do not know how to

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

Combination pro

control themselves. That is why they seek a fast and easy way out, and they think bankruptcy is it.

Jenny Smith:

Martin, what are the minimum conditions to file for personal bankruptcy?

Martin Rogers:

When you start thinking

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

about filing for personal bankruptcy you should live in a state for 90 days preceding the filing and you should have less than $ 290,000 on total unsecured debt or less than $ 860,000 on secured debt. In October 2005 the new bank

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

ruptcy law went into effect and established that consumers who receive less than the minimum wage could still file for Chapter 7 personal bankruptcy. But people, who earn more than that, need to apply for the Chapter 13 bankruptcy

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

type. This one requires a repayment plan.

Jenny Smith:

After filing for bankruptcy, will people lose their credit right completely?

Martin Rogers:

Bankruptcy does not stop people from buying houses and cars. They will end up

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

paying a pretty high interest though. The new law from 2005 also restricted the possibilities of filing for bankruptcy, and if it is granted, it will remain in your credit report for as long as 10 years. This entry on your credi

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

report will surely lower it; and could take you up to five years to restore it to its normal score. This way you will not get into any more debts.

Jenny Smith:

What should people do when they feel that bankruptcy is the only wa

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

Following aspects would a

y out?

Martin Rogers:

Whenever you feel like you are in financial problems, do not rush into making decisions such as filing for personal bankruptcy. There are many ways to free yourself or at least minimizing the problem. Some

dd to the challenges in developing combination products:

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

are:

- Taking out an equity loan on your house in order to pay as much debt as possible
- You can also cut down your expenses to a minimum and create a personal budget
- Rearrange your schedule and get a part time job

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

r> - Make an agreement with your creditors and develop a payment plan
- Sell some personal assets to collect some money
- Seek professional help. It is the best and fastest way

Jenny Smith:

As debtors, should people s

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

eek immediate legal advice or what should they do?

Martin Rogers:

The best debtor is the one that finds out about his problem and then looks for options. The next thing people need to do is check their assets and liabilities.

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

Assets are material possessions that do not owe money on. Such as:

- Stocks
- Bonds
- Pension plans (401 k)

Liabilities are anything you owe money on. Such as:

- House
- Car

People will be able to determine what

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

Professional from academic institutions, pharmaceutical industries, health care indust

they can sell, in order to obtain enough money to pay off some debts. Next thing to do is to plan a budget to see how much you are spending and how much money you are bringing in. This way you will know what to cut back on and wh

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

at to keep.

People do not know that cutting a few expenses can really make a difference. For instance, bringing lunch to work and stop eating out, changing your cell phone plan to the cheapest one available, and so on can really

.

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

save you a lot of money. But if after all of this you do not see any progress, think of bankruptcy as your last resort and not as your first option.

Martin Rogers:

Jenny, I hope you can now see how personal bankruptcy really wor

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

Companies that provide selfless information through particip

ks, and how it is supposed to be used. Remember, bankruptcy is a tool that must be used at all cost as a last resort. Although it brings a lot of advantages, it also brings consequences that can ruin you easily if taken lightly

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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