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August 2013 Archives

Negotiate to avoid medical debt

The vast majority of Americans who file for Chapter 7 and Chapter 13 bankruptcy carry some kind of medical debt. It is hard to avoid the fact that all Americans are feeling the financial strain related to the high costs of medical care. An increasing number of Washington, D.C., residents are forced to take extreme financial measures to manage their medical debt. Even if you are already overwhelmed by medical debt, you can take steps to reduce your financial stress. Experts in the field provide tips about negotiating with medical providers.

Foreclosure rates skyrocket in Maryland

Many residents of the Washington, D.C., area may have thought the worst of the economic crisis had already passed, but a fresh wave of foreclosures may indicate that all is not well with the local financial picture. Experts say the 6-month period from January to June of this year caused Maryland's foreclosure rates to skyrocket from among the lowest in the country to the third-highest in the nation.

Settle or file for bankruptcy?

Credit card debt is one major reason that Americans file for personal bankruptcy. This is especially true for business owners, who may have accumulated a significant amount of debt through S corporations and other business models. What happens if your debt is increasing faster than the monthly payments? Should you consider bankruptcy or settlement first?

Councilman files for Ch. 13 bankruptcy

A longtime Baltimore City Council representative has filed for bankruptcy in a bid to protect his home from foreclosure. The 63-year-old man has chosen to file for Chapter 13 bankruptcy, a process that permits borrowers to restructure their debt repayment plans over a period of years. Individuals who file for Chapter 13 bankruptcy typically have difficulty making payments, but their asset-to-debt ratio is fairly equal. This contrasts sharply with Chapter 7 liquidation bankruptcy, in which filers' assets are significantly smaller than their debts.

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