The three major credit reporting bureaus came to an agreement to extend the amount of time it takes for unpaid medical bills to show upon on consumer credit reports. It is easy to accrue tens of thousands of dollars in hospital expenses during a single major illness. Even insured South Carolina patients may be overwhelmed by the amount of benefits explanations from their healthcare providers.
Bankruptcy is an option available to people in South Carolina when they are financially overwhelmed by bills and debts. Medical bills are a common reason people fall behind financially. Bankruptcy can provide relief, but careful consideration of the details is necessary before using this legal tool.
Many people in South Carolina have overdue medical bills that they cannot afford to make payments on. In fact, almost half of all collection accounts in the U.S. are for unpaid medical bills, and one out of every six credit reports includes a medical debt collection. In 2012, unpaid medical bills resulted in 40 percent of Americans watching their credit score go down. While the leading credit reporting agency has changed its method of scoring medical debt, the problem still remains a considerable one.
South Carolina business owners may run into a period of financial difficulty that results in filing for Chapter 7 bankruptcy. While all business owners have the right to debt relief through bankruptcy, the business itself may or may not be allowed to continue operating. If the company is a sole proprietorship, it will continue to operate, as the company and its owner are one entity.
South Carolina residents with significant debt may be interested in a comparison of the two major types of personal bankruptcy: Chapter 7 and Chapter 13. Depending on a number of factors specific to a person's situation, each may have debt relief benefits.
When debts become overwhelming for some South Carolina residents, the fear that property will be physically repossessed becomes very real. If you are facing threats that a repo man will show up at your house and take your possessions, the Huggins Law Firm may be able to help.
Debtors in South Carolina may benefit from learning more about the counseling and education requirements for filing for Chapter 7 bankruptcy. In order to comply with the requirements implemented by federal bankruptcy law, debtors are only permitted to receive counseling service from approved providers within the district. When debtors file at the clerk's office in their district, there is typically a list of approved credit counseling providers available, and the list is also available online.
For those who are dealing with a high level of debt, bankruptcy may be a great way to seek financial stability. However, it is not the only solution to solving a debt problem. There are many companies that claim to be able to eliminate debt or offer immediate debt reduction. While many debt relief companies offer a legitimate service, others are may be fronts for debt relief scams.