If the Medical Debt Relief Act were to pass, it would require 180 days to pass before medical debt could be reported on a credit report. It would also remove medical debts that had been settled or otherwise paid off. This could work to improve the credit scores of...
Month: August 2018
Study reveals high debt levels among young Americans
A study released recently by the investment bank Charles Schwab suggests that many young people in Texas and around the country get into problems with debt even before they are old enough to legally purchase alcohol. The researchers also found that many millennials...
Bankruptcy rates surging among senior population
A long-term study conducted by the Consumer Bankruptcy Project found that the bankruptcy rate among seniors has nearly tripled since 1991. In addition to shrinking incomes, many older adults are also struggling with rising health care costs. This is a growing problem...
Are individual retirement accounts affected by bankruptcy?
When someone decides to file for bankruptcy, it is natural to wonder if the proceeds of a retirement account such as an IRA would be vulnerable to creditors. Another concern is whether IRA proceeds would be safe if the beneficiary files for bankruptcy. Safe harbor for...
Household debt increasing to record levels
In October 2009, the unemployment rate throughout the country was 10 percent. Roughly 10 percent of credit card accounts went into bad status. Between 2008 and 2013, Texans and other Americans had begun to make paying down debt a priority as a result of the recession....
How to avoid making a debt problem worse
Texas residents who are struggling to pay off debt are advised to create a repayment plan as soon as possible. They are also advised to overcome the urge to go deeper into debt on meals or other items that may provide temporary satisfaction. Part of a debt repayment...