New research released by the Washington D.C. think tank Urban Institute claims one in four Americans are struggling to pay past due medical bills – even those with health insurance. According to data from the study, people struggling to pay back these bills increase their reliance on credit cards and do not save for other emergencies. The Urban Institute study is a reminder that medical bills are still a problem for Americans, even though more than ever now have health insurance. How Can People with Insurance Accumulate Unaffordable Medical Debt? There are several reasons why people with health insurance can accumulate medical debt. You may have experienced one of the five following examples. High-deductible plans: Many health insurance policies have high deductibles. A deductible is the amount that must be paid before health insurance coverage pays for medical services. The IRS considers individual policies with deductibles of $1,300 or more…
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Our society attaches a stigma to bankruptcy, seeing it as a personal failing. This stigma is unrealistic, and it is unfair to people who can benefit from bankruptcy. Unexpected medical emergencies, divorce or a slowdown in business can happen to anyone. Filing for bankruptcy can be a good thing if debts are putting your most prized assets at risk. 4 Benefits of Filing Bankruptcy Stop collection attempts: Creditors must cease collection attempts after you file for bankruptcy. This includes collection agency phone calls, wage garnishments and attempts to foreclose your home or seize your vehicle. Protect your business: Chapter 11 bankruptcy can be a lifesaver for struggling business owners. By filing for Chapter 11, you can reduce debts while remaining in control of operations. You get the chance to protect your business while finding new ways to become profitable. Improve your financial footing: One misconception is that bankruptcy destroys your…
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One of the most common myths about bankruptcy is that filing will permanently destroy your credit rating. This fear a major reason why many people who could benefit from bankruptcy do not file. It is important to remember that there is no such thing as a “permanent credit score.” Your credit rating after bankruptcy can improve if your financial situation remains stable. How Can You Improve Your Credit Rating After Bankruptcy? There are multiple ways you can improve your credit score after your debts are discharged in bankruptcy. However, the most important factor is ensuring your financial situation reflects stability. Pay all bills on time: Depending on your situation, you may have property that is exempt from your bankruptcy estate, or saved through other mechanisms. Continue to make timely payments on these assets after filing. Make timely payments on rent, utilities and other bills. It is important to maintain steady…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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