Medical debt is often a huge source of stress. Even though an individual may try to handle it alone, medical costs still cause a lot of trouble. Knowing where medical debt comes from is important for figuring out how to deal with it. Unexpected hospital bills One reason people may get medical debt is because of unexpected hospital bills. When a person stays in the hospital or visits the emergency room, the costs add up fast. Even if they have insurance, they might still have to pay a lot because of deductibles or charges for going to a doctor who is not in their insurance network. Services not ..read more

Bankruptcy can help people dealing with various types of situations. One misconception is that only people with low incomes can file. What about those who make good money? In Indiana, individuals with higher incomes can still seek relief, whether through Chapter 7 or Chapter 13. Means test The “means test” evaluates a person’s income and expenses to determine if they qualify for Chapter 7 bankruptcy. It allows for the discharge of certain debts and is for people who cannot make regular debt payments. Even if you earn a good income, you may still qualify for Chapter 7 bankruptcy. The means test ..read more

When facing financial trouble, considering Chapter 13 bankruptcy can be overwhelming. A common worry for many is whether or not it will wipe out all of your money. Understanding how Chapter 13 will handle your money can assist you in determining if it is the right choice for you. Protection of assets Chapter 13 bankruptcy allows individuals to create a repayment plan to gradually settle their debts over a period typically lasting three to five years. Unlike Chapter 7 bankruptcy, which may involve liquidating assets to pay off debts, Chapter 13 aims to restructure debts while allowing the indiv ..read more

People who are struggling with debt may be reluctant to file for bankruptcy because they cannot fathom the possibility of losing their home or vehicle. However, it is possible for many people who file for bankruptcy to keep both their house and their car. Bankruptcy exemptions Chapter 7 bankruptcy allows for the forgiveness of certain dischargeable debts, including credit card balances and medical bills. However, you will have to give up property that is not covered by a bankruptcy exemption. You must live in Indiana for at least 730 days before filing for bankruptcy to use Indiana’s exemption ..read more

Medical debt is a concern for many. Its presence affects not only their financial picture but also their mental and emotional wellness. The burden of owing vast amounts often leads to significant psychological stress. Recognizing the negative psychological upshot of carrying medical debt can be the catalyst for seeking a remedy. Stress and anxiety Constant worry about how to pay off large bills can consume a person’s thoughts, leading to sleepless nights and a persistent sense of dread. This kind of pressure taps into natural concerns, such as an inability to afford necessary care or the possi ..read more

Managing medical debt can be overwhelming, often leaving individuals feeling uncertain about how to get help. Fortunately, there are numerous resources available to alleviate the financial strain caused by these bills. Knowing where to go for assistance is the first step to addressing your medical debt. Contact your healthcare provider To address medical debt, start by communicating with your healthcare provider. Many hospitals and medical facilities offer financial assistance programs or payment plans for patients facing financial hardship. Reach out to their billing department to discuss you ..read more

When facing financial hardship in Indiana, individuals may consider filing for bankruptcy as a means to alleviate debt. However, there is a common misconception regarding whether or not Chapter 7 bankruptcy can discharge child support. While considering this type of financial relief, it is important to understand the effect that it has on your support obligations. Chapter 7 bankruptcy basics Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, involves the liquidation of a debtor’s assets to pay off creditors. This process typically lasts a few months and results in the discharge ..read more

Facing the prospect of foreclosure can be a daunting experience, triggering stress and uncertainty about the future of your home. In such challenging times, it is important to understand your options. One avenue to explore is Chapter 13 bankruptcy. It is a potential lifeline that could help you prevent foreclosure and regain control of your financial situation. How Chapter 13 bankruptcy works Chapter 13 bankruptcy, often referred to as a “wage earner’s plan,” provides individuals with a structured means to reorganize their debts and establish a manageable repayment plan. Unlike Chapter 7 bankr ..read more

Personal bankruptcy can give you a fresh start on your finances, but it comes with some costs. One of these costs is damage to your credit score. A low credit score can limit your ability to borrow money once you have completed the bankruptcy process, and that can hold you back from your plans as you rebuild your life. That said, when you are considering filing for bankruptcy, your credit rating may not be at the top of the list of your concerns. And you can repair your damaged credit rating. What is a credit rating? When lenders are deciding whether to extend credit to a person (such as they ..read more

The American Bankruptcy Institute reported that in 2022, of the 13,076 bankruptcy cases filed in Indiana, 7,833 were for Chapter 7. Navigating the complexities of bankruptcy can be a daunting task, especially when it comes to tax debt. Individuals seeking financial relief often turn to Chapter 7 as a potential solution. However, the question on many minds is whether it can truly eliminate this type of debt. Chapter 7 and tax debt Chapter 7, often referred to as liquidation bankruptcy, involves the sale of non-exempt assets to pay off creditors. When it comes to tax debt, not all types are disc ..read more