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February 2015 Archives

Why filing for bankruptcy can be a wise move

While filing for bankruptcy might sound like a frightening thing to do, more than 1.2 million people in Pennsylvania and across the nation have sought federal protections, according to a recent report. Whenever people declare bankruptcy, they are usually trying to find a way out of uncontrollable or unmanageable debt.

The impact of unpaid medical debts on Pennsylvania residents

Almost half of all accounts that go into collections are medical debt. This makes medical debt the leading reason why one out of every six Americans has a medical debt in collections on their credit report. Having a debt listed as in collection can reduce a person's credit score by as many as 100 points. Those who have higher credit scores are more likely to suffer compared to those who have a lower credit score.

Benefits of Chapter 7 bankruptcy outweigh the disadvantages

Despite the few disadvantages of filing for bankruptcy protection, there are numerous advantages. Chapter 7 bankruptcy can eliminate many debts without requiring the Pennsylvania filer to pay anything toward the outstanding balances. Although some debts, such as student loans, alimony and child support cannot be discharged in bankruptcy, eliminating consumer debt and medical bills might make it easier to make the payments on educational debts and family obligations.

Rebuilding credit after being denied a secured credit card

Pennsylvania readers who have been turned down for a secured credit card may be wondering what they can do to rebuild their credit. A secured credit card is a great way to re-establish a person's credit rating following a bankruptcy or other financial setback. However, it is possible for someone to be turned down for a secured credit card, according to some credit management writers.

Options when dealing with medical debt

As Pennsylvania residents may know, medical debt may financially burden a family, causing them hardship, and the process of recovering from such financial setbacks may be difficult. In 2012, medical debt affected more than 25 percent of families, and families with children were at higher risk of medical debt.

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