Medical debt is one of the leading reasons that individuals end up filing for bankruptcy here in Ohio and elsewhere in the country. This doesn't have to be the only result if you incur unexpected medical expenses though. There may be other options that you can pursue that won't ravage your credit as much and allow you to keep a hold on your possessions.
Debt has a way of making people feel like failures when they're in it. But there are a lot of reasons that someone may face a debt they cannot pay in the allotted time. It is often because someone made the attempt to improve oneself or one's business and things did not go as planned.
If your company is struggling to stay afloat because its leadership has made bad investment choices, then you may have discovered that there are a variety of debt relief options that are available to you aimed at helping you get things back on track once again. One option that has discovered that may aid you in making your debt more manageable is filing for Chapter 11 business "reorganization" bankruptcy.
Many of us have been there, overwhelmed by mounting piles of debts we are unable to pay down. It can be daunting to realize that you have few alternatives left to help you climb out of the financial pit.
It often seems that the worst tends to come out in people when others are emotionally raw or financially exposed. This is how some individuals get pulled into debt consolidation scams.
Even if you have health insurance, a serious illness or an accident that leaves you with injuries can cause your medical bills to pile up – and fast – when you consider deductibles, co-payments and co-insurance. You can't afford to pay those bills, especially if you lost income while dealing with the illness or injury.
The phone rings and the robocaller on the other end tells you just what you want to hear: Your student loans could qualify you for a debt forgiveness program and to take advantage, call this number back right away for the details.
You look at the pile of bills and wonder just how you compiled all of this debt. And how you're going to escape it. It's clear you need a strategy to deal with all of your creditors and prioritize your bills.
If you're looking for debt relief, one thing you want to consider is working to curb your spending. This may not get you out of debt, but it can help you plan for the future -- after bankruptcy, debt consolidation or whatever you end up doing -- so that you don't get into debt again.
The Federal Debt Collection Practices Act has been in place for over 40 years -- and critics say that it's time for an upgrade to the rules in order to keep pace with the digital age.