Advice You - Finance

It is unfortunate that many bankruptcy attorneys do not give their clients more direction with regard to restoring themselves after their bankruptcy. There are some simple steps that anyone who files a bankruptcy needs to take in order to restor

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

e themselves financially.

Using these steps below, you can restore your credit and prepare yourself to become a home owner.

1. Get a copy of your credit report. Many times (most times) the credit accounts that are absolved with your bankruptcy

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

Examples of combination products may in

are not removed from your credit report immediately.

2. Have derogatory credit items removed from your credit report. For the items charged off in your bankruptcy, you will need to send a copy (not the original) of your bankruptcy discharge pap

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

rs to all 3 of the credit bureaus asking them to remove these inaccuracies.

3. Pay all of your bills on time. Bankruptcy is a means to financial recovery. It is intended to allow you to “start over” financially. After your bankruptcy, you nee

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

to make sure that all of your bills are paid on time. If you are having trouble with an upcoming bill, DO NOT IGNORE IT. This is where most people go wrong. Call your creditors before they call you and let them know what your challenges are.

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

Combination pro

If you can’t get a reasonable rep on the line, ask for a supervisor, but again, do this as early as possible, not the day the bill is due or after it is late. If you are having trouble with your bills, you may need to solicit some help.

4. Hav

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

e a strong documented rental history. This is pretty critical, as it is most likely the largest monthly expense that you have. Underwriters (the people that actually sign off on your loan's approval) will look very hard at how you have paid you

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

rent as they are going to replace it with a mortgage payment of equal or greater size. It is very important to be able to document your rent payment history very specifically. If you rent from an apartment community, then all the bank will hav

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

to do is request a Verification of Rent (a.k.a. VOR).

If you have a private landlord, then the BEST way to document this is with cancelled checks for the last 12 months rent. Banks can do VOR’s for private landlords, but rarely do because they

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

feel that a landlord may have a relationship with the borrower and say what the bank wants to hear to help them get a loan.

If you pay with cash or money orders, please stop doing this immediately and start paying with checks. Simply put, this

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

s hurting you because by filing a bankruptcy you have already shown some financial instability. Paying your rent with cash or money order shows further financial instability and will not give you the positive rent history that the underwriter is

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

Following aspects would a

looking for to give them the confidence in approving your loan.

5. Apply for a secured credit card – A secured credit card allows you to make a deposit into an account to secure a credit card and then borrow against it to establish a new positi

dd to the challenges in developing combination products:

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

e payment history. As time progresses, the bank may increase your credit line to an amount greater than your deposit, and then eventually return your deposit to you. (They will also often pay you interest on your deposit.)

6. Prepare “non tradit

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

onal” trade references – These are accounts that you pay on such as cell phones, car insurance, and store accounts which can be used to document a positive payment history, but would not be traditionally reported to a credit bureau. Ideally, if y

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

u can provide 3 of these accounts with a 12-month payment history, this will help us in convincing the bank that you are a good credit risk. The best way to document this is with a letter from the company stating that you have had a positive paym

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

nt history with them for the past 12 months. Alternatively, you can provide 12 months of cancelled checks showing 12 months of timely payments.

7. Resist the urge (or encouragement) to buy a car. Some may tell you that this is the best way to

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

Professional from academic institutions, pharmaceutical industries, health care indust

rebuild your credit. The problem is that your interest rate will be so high, that your payments will make your debt ratios higher than normal, making it harder to qualify for a mortgage. Do you remember the figure of 45-50% of your monthly inco

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

e that the bank will allow you to use towards your debts? This will quickly be absorbed by a car payment. Only buy a car if a) you NEED (not want) a car, and b) you have the income to cover the car payment, any of your current debts, and your p

.

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

oposed new car payment. We have seen SEVERAL people that have cars rather than homes because they went out and bought a car that they could not sell and their debt ratios were too high to qualify for a mortgage. It would be a shame to have a ni

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

Companies that provide selfless information through particip

e car (that depreciates daily), as opposed to a more humble car along with a mortgage on a home that gives you a tax break, and increases in value over time.

I hope this is helpful and helps get you on your way to finding the home of your dreams

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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