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Posts tagged "medical expenses"

Bankruptcy filing for debtors with tax debts

Kentucky individuals who are struggling with debt and considering filing for bankruptcy may not know that past due tax obligations are not always eligible for discharge. A Chapter 13 bankruptcy establishes an arrangement for the debtor to repay all obligations over a period of three to five years in accordance with an approved plan, but Chapter 7 allows the discharge of certain types of debt, including federal tax debt if it meets strict requirements.

Distinctions between Chapter 7 and Chapter 13 bankruptcy

Kentucky residents struggling with financial challenges and seeking debt relief may be interested to know about how personal bankruptcy might work to help them manage or eliminate debt. The two most common types of individual bankruptcy are Chapter 7 and Chapter 13, which differ from each other in certain key aspects.

Medical debt factors significantly in bankruptcy rate

Kentucky residents may worry that rising medical costs are leading to unmanageable debt levels. Recent studies confirm this issue, indicating that medical debt is the leading cause of bankruptcy in the nation. Additionally, reports indicate that more than half of accounts sent to collections and showing up on personal credit reports are due to medical expenses. Prescription medication costs play a huge role in the increasing debt and delicate financial situations of Americans.

Dr. Frankenstein's latest monster? Medical credit cards

The cost of healthcare is a problem that doesn't go away. As the fight over the Affordable Healthcare Act demonstrates this is a matter that can take the nation to the brink of economic disaster. For many residents in Louisville, attempting to pay for some healthcare services can take them over that brink, and lead them to bankruptcy.

Cancer may cause bankruptcy

When people think of the reasons a person has to file bankruptcy, many probably think of profligate spending with a credit card as a primary cause. While credit cards can contribute to the creation of overwhelming debt, a more frequent cause is the financial disaster that accompanies severe medical problems. In a very short time, medical expenses and bills can swamp the average person's ability to pay, leaving no way out but bankruptcy.

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