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Wiki Articles - Ten Ways to Get Out of Debt
1) Use your Assets
If you have assets with some significant equity, such as a home or a car you may be able to use these to get control of your debt. For example, you could get a loan on your home sufficient to pay off your debts. You could be saving a considerabl
If you have assets with some significant equity, such as a home or a car you may be able to use these to get control of your debt. For example, you could get a loan on your home sufficient to pay off your debts. You could be saving a considerabl
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 amount of money on interest if you pay off high interest credit card debt in return for lower cost debt.
If you have a car, consider selling it, paying off your debts and buying a cheaper car. Be careful though! Your don't want a "cheaper" car that will cost you a fort
If you have a car, consider selling it, paying off your debts and buying a cheaper car. Be careful though! Your don't want a "cheaper" car that will cost you a fort
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
une in repair costs.
2) Get a Second Job
Use the money from this job to only pay off your debts. List your debts noting the interest rates. Pay off the debts with the highest rates first and work your way down the list.
3) Put your Credit Cards on Hold
O
2) Get a Second Job
Use the money from this job to only pay off your debts. List your debts noting the interest rates. Pay off the debts with the highest rates first and work your way down the list.
3) Put your Credit Cards on Hold
O
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ne of the best steps you can take to get out of debt is to immediately stop using credit cards. At the very least destroy all your cards keeping just one card for emergencies.
4) Set up a Repayment Plan
Cut back on your expenses and/or use freed up cash to pay do
4) Set up a Repayment Plan
Cut back on your expenses and/or use freed up cash to pay do
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
n your debts. Pay off the debts with the highest rates first and work your way down the list.
5) Get a Consolidation Loan
A consolidation loan can make lots of sense. Get a loan to pay off all your many debts and have just one payment to make. The new loan usuall
5) Get a Consolidation Loan
A consolidation loan can make lots of sense. Get a loan to pay off all your many debts and have just one payment to make. The new loan usuall
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
y has a smaller payment and a lower interest rate.
6) Use the Services of a Credit Counselor
There are two types of credit counselor, for profit and "nonprofit". We do not distinguish between the two as they provide similar services and both charge a fee. Credit
6) Use the Services of a Credit Counselor
There are two types of credit counselor, for profit and "nonprofit". We do not distinguish between the two as they provide similar services and both charge a fee. Credit
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
counselors can assist you in acquiring the discipline you need to get control of your debt. Be careful! Many people do not fully understand all the ramifications involved such as:
Impact on your credit rating
The credit bureau will record that a plan is in place.
Impact on your credit rating
The credit bureau will record that a plan is in place.
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
Are your payments too high?
Your payments should be high enough to significantly reduce your debt but not so high that you have "no life". If you do not have money left over at the end of the month to pay for the small pleasures in life you may find that you end
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
up defaulting on your payments.
For how long should you pay?
Most experts feel that the term should be three to four years. It is a stipulation in the new Bankruptcy Reform Bills that the term be 3-5 years. Terms longer than this have a very high failure rate, be
For how long should you pay?
Most experts feel that the term should be three to four years. It is a stipulation in the new Bankruptcy Reform Bills that the term be 3-5 years. Terms longer than this have a very high failure rate, be
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
cause people cannot see a "light at the end of the tunnel".
7) Informal Proposal - Payments over time.
In some cases you can make a proposal to your creditors to set up a payment plan that will allow you to pay your creditors in an orderly way and thus help prese
7) Informal Proposal - Payments over time.
In some cases you can make a proposal to your creditors to set up a payment plan that will allow you to pay your creditors in an orderly way and thus help prese
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
rve your credit rating. This operates similar to a debt consolidation loan except you do not borrow the money to pay off your creditors.
8) Informal Proposal - Lump sum payment.
You may be able to pay less than 100 cents on the dollar. For example, a relative may
8) Informal Proposal - Lump sum payment.
You may be able to pay less than 100 cents on the dollar. For example, a relative may
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
be willing to pay a lump sum to the creditor of say 50% of the amount owed in order for the balance of the debt to be written off. Your creditors will be more willing to accept this offer rather than have you file Chapter 7.
This works best when there are few creditors.
This works best when there are few creditors.
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
9) Chapter 13 Bankruptcy
You are probably a good candidate for Chapter 13 bankruptcy if you are in any of the following situations:
1. You have a sincere desire to repay your debts, but you need the protection of the bankruptcy court to do so. You may think fili
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ng Chapter 13 is simply the "Right Thing To Do" rather than file Chapter 7.
2. You are behind on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement. You cannot do this in Chapter 7 bankruptcy. You can make up
2. You are behind on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement. You cannot do this in Chapter 7 bankruptcy. You can make up
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
missed payments only in Chapter 13 bankruptcy.
3. You need help repaying your debts now, but need to leave open the option of filing for Chapter 7 bankruptcy in the future. This would be the case if for some reason you can't stop incurring new debt.
4. You are a family
3. You need help repaying your debts now, but need to leave open the option of filing for Chapter 7 bankruptcy in the future. This would be the case if for some reason you can't stop incurring new debt.
4. You are a family
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
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
farmer who wants to pay off your debts, but you do not qualify for a Chapter 12 family farming bankruptcy because you have a large debt unrelated to farming.
5. You have valuable nonexempt property. When you file for Chapter 7 bankruptcy, you get to keep certain propert
5. You have valuable nonexempt property. When you file for Chapter 7 bankruptcy, you get to keep certain propert
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
, called exempt. If you have a lot of nonexempt property (which you'd have to give up if you file a Chapter 7 bankruptcy), Chapter 13 bankruptcy may be the better option.
6. You received a Chapter 7 discharge within the previous six years. You cannot file for Chapter 7 a
6. You received a Chapter 7 discharge within the previous six years. You cannot file for Chapter 7 a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
gain until the six years are up.
7. You have a co-debtor on a personal debt. If you file for Chapter 7 bankruptcy, your creditor will go after the co-debtor for payment. If you file for Chapter 13 bankruptcy, the creditor will leave your co-debtor alone, as long as you k
7. You have a co-debtor on a personal debt. If you file for Chapter 7 bankruptcy, your creditor will go after the co-debtor for payment. If you file for Chapter 13 bankruptcy, the creditor will leave your co-debtor alone, as long as you k
.
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
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
eep up with your bankruptcy plan payments.
8. You have a tax debt. If a large part of your debt consists of federal taxes, what happens to your tax debts may determine which type of bankruptcy is best for you.
10) Chapter 7 Bankruptcy
If these alternatives will
8. You have a tax debt. If a large part of your debt consists of federal taxes, what happens to your tax debts may determine which type of bankruptcy is best for you.
10) Chapter 7 Bankruptcy
If these alternatives will
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
not work for you, bankruptcy may be the only way for you to get a fresh start. Chapter 7 Bankruptcy offers a quick solution to getting out of debt.
For more information, visit www.mybankruptcycounseling.com
For more information, visit www.mybankruptcycounseling.com
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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