Jeffrey M. Rosenblum, P.C.
A Fresh Start

February 2014 Archives

Chapter 7 offers way to settle unpaid medical debts

Unpaid medical bills will be the number one cause of personal bankruptcies in the United States, despite the implementation of the federal Affordable Care Act, according to a 2013 NerdWallet Health study. The ACA will increase the numbers of people who will have health insurance, but many medical costs are not covered by insurance policies.

Who can file for Chapter 13 bankruptcy?

Some debts can be good, while others can be bad. Generally, debts should be paid on time and local Nassau County, New York, residents know that failing to repay debts in a timely fashion can result in serious financial challenges, huge interest rates, creditor harassment and low credit scores.

How can personal bankruptcy settle unpaid medical expenses?

Unexpected life changes can affect any individual's finances. In Nassau County, New York, local residents are aware of the fact that a single trip to the hospital can be costly. Medical expenses and other related costs are a nationwide problem. According to the Centers for Disease Control and Prevention, 26.8 percent, or over one-fourth of American families had experienced the effects of medical expenses to their finances.

Determining the right time to file for Chapter 7 bankruptcy

As most New Yorkers know, debts are neither inherently good nor inherently bad. If they pay bills on time and pay off credit cards each month, then debtors can avoid acquiring debts that are difficult to pay off. Failure to pay on time, however, not only results in higher interest rates but also leads to creditor harassment from third-party collectors who dog the debtor to pay his or her debts.