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February 2014 Archives

Many Americans may have considered but not filed for bankruptcy

Arizona residents may be interested to hear that, according to a recent survey from YouGov, a quarter of all Americans have considered filing for bankruptcy. Of those who are considering filing for bankruptcy, however, about one in five Americans has actually filed. Despite the fact that a quarter of those surveyed perceive bankruptcy as "shameful," the prospect of a fresh start seems to have counterbalanced that sense of shame for 55 percent of those surveyed.

Unpaid medical bills cited as top reason for consumer bankruptcy

Arizona is home to many older people who may find themselves with seemingly overwhelming medical costs from hospitalization or surgery. Although the Affordable Care Act increased access to medical insurance for many individuals and families, a 2013 study stated that unpaid medical bills were the top reason for bankruptcy filings. That means healthcare forced more people into filing for protection from creditors than did mortgage debt or credit card debt.

The Fair Credit Reporting Act rules regarding judgments

Debtors often ask about how long a judgment will stay on their credit reports and if a judgment can be reset after the initial seven years. The original debt for which the judgment was issued differs in the rules that govern it vs. those that govern the judgment itself. Some debtors worry that a judgment will keep being renewed and hang over their heads by way of their credit reports for the rest of their lives.

Dealing with credit card debt

Arizona residents may be interested in the results of a survey recently conducted by an online credit education company. Results of the survey show that more than 50 percent of those respondents with $20,000 or more in credit card debt believe it is "extremely likely" that they will begin paying down their debts in the coming year. More than 60 percent said it was extremely important to establish a payment plan to keep them on track.

Dan R. Dodds Dan R. Dodds

At the Dodds Law Firm, I focus my practice on the needs of individuals who have suffered losses because of abusive, deceptive or unfair conduct by others. I also provide comprehensive counsel in all matters related to Chapter 7 and Chapter 13...Read More

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