Cancelled Debt May Bring the Taxman to Your Door

The cancellation of debt can be of great benefit to people who are in over their heads with unmanageable financial obligations. After years of struggling, getting rid of old debt can allow people to make a new fresh start. However, it is important to remember that canceling debt isn’t a free pass. The IRS views……
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Want to Buy a Home After Bankruptcy? Fix Your Credit First

It’s no secret that being in debt can have a significant negative effect on your credit score. Although bankruptcy can help get debt problems under control, it is likely to cause a further drop – at least temporarily. However, just because you file for bankruptcy doesn’t mean you won’t ever need to use credit again…….
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New Jersey Senator: Fix Medical Debt Reporting

Anybody who has had significant medical treatment lately knows just how expensive healthcare can be, even if you have good insurance. Making matters worse, many medical facilities aren’t very good at exercising patience as they wait for the bill to be paid. It is not at all unusual to see medical debts being sent to collections without the care provider ever trying to contact the patient to determine if and when the bill will be paid.

Olympic Families Go Through Bankruptcy, Too

It’s easy to think of Olympic athletes as being somehow superhuman. In reality, though, most of them face the same struggles as the rest of us. Financial problems and unbearable debt are no exception. Recently, the families of two Olympians have publicly discussed their struggles with financial distress. When asked by reporters about her recent……
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Is Medical Debt Really The Leading Cause of Bankruptcy?

Earlier this month, former U.S. Rep. Patrick J. Kennedy made news when he claimed that out-of-control medical costs were the most common cause of personal bankruptcies in the United States. Kennedy made this statement while offering his support for President Obama’s health care act. Kennedy’s assertion led many to wonder whether this was really true…….
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