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Posts tagged "Bankruptcy"

Many patients surprised by out-of-network medical bills

Even when Connecticut patients seek care at an in-network hospital, they may be faced with surprise out-of-network medical expenses. In fact, roughly 1 in 7 patients are surprised by medical bills, according to data on medical billing processes and practices. An analysis of more than 600,000 in-network inpatient admissions found that instances of at least one out-of-network claim ranged from nearly 2 percent of all admissions in Minnesota to nearly 27 percent in Florida.

A better understanding of chapter 13 bankruptcy

Some Connecticut residents may have questions about how chapter 13 bankruptcy works. Chapter 13 is a reorganization bankruptcy, so it may be the right solution when an individual has a good income but is not able to pay off their creditors immediately. Chapter 13 bankruptcy will last for a period three or five years, giving an individual the opportunity to pay their debts off over an extended time.

The length of credit card debt

Most consumers in Connecticut and around the country who owe money to credit card companies carry the debt for more than a year according to a poll conducted by CreditCards.com. Almost a quarter of the consumers who participated said that they had carried such debt for at least three years, and 14 percent said that credit card companies had been charging them interest for five years or longer. The study also reveals how income influences the way consumers handle credit card debt.

The ACA has done little to address crippling medical bills

About two-thirds of the people who file personal bankruptcies in Connecticut and around the country each year do so to avoid crushing medical bills, according to a recent study published in American Journal of Public Health. A team of researchers that included a doctor from the Hunter College of City University of New York, two lawyers and a Consumer Bankruptcy Project sociologist came to this conclusion after studying 910 Chapter 7 and Chapter 13 bankruptcy petitions filed between 2013 and 2016.

Reasons to consider a living will

Life-altering accidents and infirmities are not conversations that Connecticut residents like to discuss. Unless they are faced with a terminal illness or unless they lose someone close to them, most people would prefer to focus their mind on things like their plans for today or the future. This is why many procrastinate or completely put off creating a living will or a health care directive.

How student loans are dealt with during a bankruptcy

Prior to 1976, Connecticut residents could potentially have their student loans discharged through bankruptcy. In 1976, the law was amended to include student loans that had been in repayment for at least five years. That was later extended to seven years before Congress moved to exclude student loans from most bankruptcy cases. Today, an individual can only have such debt wiped away in bankruptcy if making payments constitutes a hardship.

Dischargeability of tax debts in bankruptcy

Bankruptcy is an option for people in Connecticut who are struggling to pay off their debts, but there are certain types of debts that may not be discharged. Tax debts are not dischargeable unless they meet special requirements. Generally speaking, tax debts cannot be discharged if they are withholding trust fund taxes for which the person is liable, associated with a tax liability for which the person did not file a return or associated with a frivolous or fraudulent return.