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February 2014 Archives

Affordable Care Act does little to prevent medical bankruptcy

Although a growing number of residents in the Washington, D.C., area now have access to affordable health care, the Affordable Care Act may not have a significant effect on medical bankruptcies in the region. Experts say that medical bankruptcy does not just affect those who go without insurance; in fact, about four in five medical bankruptcies are filed by those who are already covered. The problem often lies not with the cost of the medical treatment, but with the incidental expenses that quickly add up during the course of a major illness.

Maryland suffering from continued high foreclosure rates

For some states, foreclosure rates have begun to stabilize or drop in the years following the Great Recession. Residents in Maryland have not been so lucky. Statistics place the state within the top three in the nation for foreclosure rates, and Baltimore has been listed in the top five major metropolitan areas. In fact, foreclosure activity has soared by nearly 120 percent annually in the city of Baltimore, which outpaces its East Coast companions by a good measure; New York only saw a 40 percent increase, and Philadelphia a 14 percent uptick.

Foreclosure tax exemption expiration leads to financial woes

Homeowners in Washington, D.C., who received foreclosure assistance and debt relief may be required to list that amount as taxable income, leading to massive tax bills for families who are already financially vulnerable. Tax exemptions for mortgage debt relief expired at the end of the year, causing scores of homeowners to be thrust into legal and financial limbo. Legislators say they are concerned about the expiration of the foreclosure relief tax exemption, as it has left hundreds of thousands of families in tight financial situations. Those families may have been able to save their homes by narrow margins, but they are now facing behemoth tax bills.

Is debt relief the best choice for consumer debt?

Will debt relief services ruin your credit rating? This is a valid question asked by residents of Washington, D.C., every day. Those with a significant amount of consumer debt have a variety of options, including debt relief, elimination and settlement. Some of these decisions work in certain situations, but they are not applicable to every individual. It is wise to do your research before attempting to pursue debt relief.

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