When many people in Kentucky think about large medical bills, they may first consider older Americans. However, a growing number of millennials are beset with significant medical bills that they find difficult to repay. Serious illnesses and injuries can leave people facing large amounts of debt, especially if they are uninsured or carry high-deductible policies that they never expected to rely upon. If young people aren't able to pay back the thousands or tens of thousands of dollars in medical debt that they have accumulated, they could face collection calls, judgments and a severely worsened credit score.
Avoid these common bankruptcy mistakes
Filing for bankruptcy can help you handle accumulated debt and start the path back to financial stability. However, many people make mistakes that cause problems during the process and prevent them from fully accessing the help they need.
Rights debtors have when talking to debt collectors
The Fair Debt Collection Practices Act provides debtors throughout Kentucky and the rest of the country with protections against certain debt collector activities. For instance, a debt collector does not have the right to harass a debtor or act in a deceiving manner. When a person receives a call from a debt collector, it is important to verify that the amount in question is actually owed.
Waiting periods for multiple bankruptcy filings
Excessive debts sometimes force people in Kentucky to seek bankruptcy protection multiple times. Bankruptcy law does not limit how many bankruptcies people can file, but waiting periods realistically limit how often people can do it. For someone who has already gone through a Chapter 7 bankruptcy, eight years from the date of the previous filing must pass before petitioning for Chapter 7 protection again.
