Even the most frugal residents of Louisiana can develop financial difficulties. Many people have no emergency savings, and the start of a debt spiral could be only a job loss or an unanticipated medical crisis away. When this happens, it is only natural for a person to evaluate the situation and consider seeking debt relief.
In a previous post, we began looking at the issue of surprise medical bills, and medical debt in general. As we noted, it is important for consumers of health care services to understand the coverage their plan offers and to be careful about selecting in-network providers.
As we quickly approach open enrollment season, many people are taking time to assess their options when it comes to health insurance. In the last week or so, headlines are popping up talking about the increase in premiums for exchange plans under the Affordable Care Act. As we are finding out, more young people are opting to forego health insurance because of the high costs and to pay the federal fine instead, taking their chances on avoiding the extra costs.
Credit cards can be a useful financial tool, if they are used wisely, but they can also be a quick way to financial ruin if they are used indiscriminately or in desperation. Unfortunately, many people do not have a healthy relationship with credit cards, and this can be seen in the latest findings on credit card debt.
In our last post, we began looking at the topic of modifying a Chapter 13 repayment plan. We’ve already looked briefly at some of the permissible grounds for modifying a repayment plan under federal bankruptcy law. Here we wanted to briefly mention some of the substantive requirements for modification.
Stress over out-of-control student loan debt is hard to escape. Past due notices in the mail. A phone that continuously rings. Routine internet searches displaying targeted ads that promote debt relief services.
If you struggle with burdensome medical debt, know that you are not alone in the struggle. With continuing challenges in the economy and the continually increasing costs of medical care, many Americans carry some degree of medical debt.
In our last post, we briefly described several common bankruptcy alternatives, including debt credit counseling and debt management. As we noted, credit counseling is sometimes done in connection with debt management, which can be beneficial to some debtors. It is important for debtors to realize, though, that debt management plans are not workable for every debtor’s situation, nor is debt management always the most beneficial form of debt relief for every debtor.
Bankruptcy is a serious step in the life of a struggling debtor. The implications of filing should not be blown out of proportion, of course, but they are significant. For this reason, it is important for debtors considering filing for bankruptcy relief to always consider the available alternatives.
Debt can be overwhelming and make life very stressful. If you find that your debt is surpassing your ability to manage it, you may be considering partnering with a debt settlement company to alleviate your financial woes.