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February 2014 Archives

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Medical debt now the #1 reason why Americans file for bankruptcy

It’s probably safe to say that no one in Cuyahoga Falls ever anticipates having to file for bankruptcy. Most work very hard at establishing good money management skills. Yet no one can anticipate a major medical emergency such as a serious accident or an extended battle with illness. The expenses associated with dealing with medical issues can quickly add up, turning one’s rosy financial outlook into a bleak nightmare.

When to file for personal bankruptcy

A better understanding of what bankruptcy is and how it can help people has helped eliminate the stigma associated with it. Now, the question for those in Akron considering this option remains when they should file for it. The answer may be as clear as the reasons why one ended up experiencing financial troubles in the first place. Just as everyone’s struggles can be different, so too can their reasons to file for bankruptcy.

Third time a charm for Nicole Eggert's Chapter 13 bankruptcy?

Very few people in Summit are actually lucky enough to go through life without having experienced some degree of financial hardship. Many are prone to make the occasional poor choice when it comes to money. For others, simple bad luck befalls them. Yet what’s considered struggling for some could possibly be considered thriving to others. It typically all depends on one’s expenditures, coupled with his or her earning capacity. If and when times to get too rough, it’s not a bad thing to seek help.

Failed business, divorce leads Eddie Montgomery to bankruptcy

There are many in Summit who may believe that if they just had more money, all of their financial challenges would disappear. While one can't deny that more money would help anyone in dire financial straits, often more money doesn't simply solve financial problems. Typically, it's the circumstances that people find themselves in, be they of their own making or not, that lead to money problems. Even those who make millions of dollars are subject to bad financial circumstances or decisions.

Mix of circumstances leads attorney to file for bankruptcy

Summit residents can often be counted among the many that are surprised when news of a high-profile, high net-worth individual announces that he or she is filing for personal bankruptcy. That news is often that much more shocking when the individual is someone perceived to be successful in his or her various business ventures. Questions often come up about how one who seemingly worked so hard to achieve his or her success could see it vanish so quickly, and if such an apparently successful business man or woman could fall on financial hardships, how much easier would it be for a everyone else, who may never even approach attaining similar financial resources, to experience the same challenges.

New initiatives aim to keep medical accounts out of collections

Those in Summit who pride themselves on avoiding debt may just be surprised to learn exactly which type of debt is the most prevalent in the United States. According to the Consumer Financial Protection Bureau, medical debt has recently surpassed all other types of debt as the most common amongst American consumers, with nearly $322 billion in out-of-pocket expenses seen in 2013. No one can avoid going to the doctor or hospital forever, and as anyone who has ever had to deal with significant medical expenses can attest to, these debts and quickly go from manageable to overwhelming.

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