Some believe that the Covid19 pandemic could lead to a rise in personal bankruptcy among Americans grappling with reductions in income and unanticipated medical costs. Although the country is facing a largely unprecedented emergency, medical bankruptcy is not a new phenomenon; many Americans are forced to declare bankruptcy every year because of unexpected medical expenses. Medical Bills Problematic for Insured and Uninsured Alike One of the challenges many insured face is that their employer … [Read more...]
Archives for March 2020
Options for Borrowers Who Cannot Repay Student Loan Debt
On average, students are graduating college with more than $30,000 of debt translating into hefty payments often spanning a decade. Getting behind on federal student loan payments can lead to serious financial consequences so at the first sign of trouble, it’s important to act. Borrowers should first contact their loan servicer to see what repayment plans exist. Typically borrowers are enrolled in the standard repayment plan when payments begin, but there are a few to choose from that might … [Read more...]