Medical debt is one of the biggest causes of bankruptcy in the U.S., so it is no surprise that debt collectors commonly attempt to collect millions of outstanding bills. Unfortunately, the public interest group reports that some of these businesses are using aggressive tactics in an attempt to collect debts, sometimes from the wrong customers. In the latter case, this erroneously puts an individual’s credit at risk. The organization reviewed 17,701 medical collection complaints submitted to the Consumer Financial Protection Bureau (CFPB) reveal that problems with medical collection are widespread.
Many are surprised to find out that student loans are one of the few debts that are not discharged through bankruptcy relief. However, there is now a bill called the Student Borrower Bankruptcy Relief Act of 2019, which has bipartisan support from U.S. Senators Dick Durbin (D-IL) and Elizabeth Warren (D-MA) as well as U.S. Representatives Jerrold Nadler (D-NY) and John Katko (R-NY).
The robust real estate market here in Austin is great for those who own property, particularly if they got in a while ago and bought low. Nevertheless, the competitive market should not prevent others from buying a rental property because it is still often an excellent investment.
Filing bankruptcy is one of the most difficult things many will do. However, it can also be one of the smartest things an individual or couple can do to regain control of their lives.
Do you have an estate plan, and if you do, how long as it been since you've looked at it? If your plans are more than a few years old or your life has changed significantly since you drafted it, it may be time to revisit them. Estate plans are not set in stone, meaning that you have the ability to go back and adjust things as needed.