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Bankruptcy may destroy your credit. So why would you want to file for bankruptcy if you’re trying to repair your credit?

For starters, bankruptcy may wipe out debts that have become unmanagea

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

ble. These debts will drag your credit score down with each missed payment and inevitably destroy your credit. If you’re faced with debts that you can no longer pay you may not have any choice

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

Examples of combination products may in

but to file for bankruptcy.

If you qualify, bankruptcy can wipe out many of your debts and “clean the slate” so you can regain control of your finances. Bankruptcy is more a tool of debt reli

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

f than a tool of credit repair.

You need to carefully weigh the pros and cons before filing for bankruptcy. Are your debts going to be so unmanageable that they’ll hurt your credit report 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

years to come? Is a bankruptcy going to be better for your credit history in the long run than all the debts that may be accumulating on your credit report today?

Bankruptcy should only be us

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

Combination pro

d as part of a long-term plan to repair your credit. A bankruptcy will be listed on your credit report for at least 7 years and will negatively impact your credit score for at least that perio

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

of time. You should only file for bankruptcy if you plan to take concrete steps to repair your credit after your bankruptcy is finalized.

Depending on what debts you have incurred, you may f

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

le for either Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 bankruptcy stays on your credit report for 10 years, while Chapter 13 stays on your credit report for 7 years.

Under Chapter 7 ba

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

kruptcy, certain eligible assets may be liquidated to pay off your debts. With Chapter 7 bankruptcy, your debts will either be redeemed or reaffirmed. With redemption, you pay any secured cred

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

tors a lump sum as collateral for each secured debt. The lump sum you pay is based on the current value of any asset the creditor has secured. Any remaining debt is discharged after you make a

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

lump sum payment and the asset becomes yours free and clear. If you can’t pay the lump sum your asset may be seized and resold by the creditor.

Any of your debts that are reaffirmed may be ma

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

Following aspects would a

e payable under the original terms of the agreement you signed with a particular creditor. The debt will still be legally enforceable and must be repaid, with the creditor holding a security i

dd to the challenges in developing combination products:

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

terest on the debt until full repayment takes place.

Under Chapter 13 bankruptcy, you have to undergo a mandatory repayment plan to pay off your debts within 5 years. This will allow you to r

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

organize your debts so you can keep any property like a home or automobile from being seized as part of the bankruptcy proceedings.

Filing for bankruptcy won't eliminate any alimony, child su

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

port, fines, taxes, judgments against you or student loan debts. You may be able to get some student loan debts liquidated if you can prove extreme financial hardship.

If you're found guilty

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

f committing fraud in establishing a line of credit for yourself, you'll be fully responsible for all the debts incurred in these credit lines.

Once you’ve successfully filed for bankruptcy y

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

Professional from academic institutions, pharmaceutical industries, health care indust

u can finally begin the long and arduous road to credit repair. You may still qualify for some lines of credit with very high interest after you file for bankruptcy and should just use these c

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

edit lines to show that you can manage your debt this time around. Make a few small purchases and make small enough monthly payments that will ensure a small portion of your debt will still re

.

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

ain on these accounts from month to month. Positive repayment history on these accounts will slowly build your credit rating once again.

Bankruptcy will provide you with no quick fixes if you

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

Companies that provide selfless information through particip

ultimate goal is credit repair. Only time and a lot of diligence on your part will get your credit back on track. The steps you take today will have an impact on your credit for years to come

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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