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When can you discharge a tax debt in bankruptcy?

People often assume that if they file for bankruptcy, among the debts they won't be able to discharge is income tax debt. That's not entirely true. Under some circumstances, you may be able to do so whether you are filing Chapter 7 bankruptcy, where a person's assets are liquidated to pay their debts, or Chapter 13, which involves a multi-year payment plan.

It's important to understand that most tax debts aren't dischargeable because they're considered "priority." In Chapter 7 bankruptcy, that means that they're among the first that must be paid from the liquidated assets. In a Chapter 13 bankruptcy, priority debts must be included in the payment plan and completely paid off in the bankruptcy.

Will the court validate your will upon your death?

More than likely, it took you some time to make the decision to execute a will. Once you made that choice, you then began the sometimes-arduous process of figuring out how to dispose of your assets after your death.

Then, when you thought the decisions were over, you realized that you needed to choose someone to serve as the executor of your will and possibly choose a guardian for your minor children. After making all of these decisions, your wishes were put on paper and you signed it.

Study: Young adults are the ones with the most medical debt

As we get older, the amount of money we spend on health care generally increases. That's only natural. Our bodies start to break down and don't work as well as they used to. Sometimes, years of unhealthy living or perhaps old injuries from our youth catch up with us.

Therefore, it would seem likely that older people would have more medical debt than those a generation or two behind them. However, according to a study in Health Affairs, even though young people have less medical spending, they have more medical debt. The study defined "medical debt" as unpaid medical bills referred to collection agencies.

Why are emergency room visits becoming more expensive?

More Americans have health insurance than in decades past, due in large part to the Affordable Care Act. In fact, the number of uninsured Americans dropped from 48 million in 2010 to 28.6 million in 2016. However, that's still a lot of uninsured people.

Even with insurance, even more or less routine health care can be expensive. Medical debt is still the leading reason why people file for personal bankruptcy. Just like most everything else, the cost of medical care is rising. However, the average price of an emergency room visit rose 40 percent between 2012 and 2016, to over $1,900.

Tennessee political candidate addresses past bankrtuptcy

A Tennessee woman who's running for office isn't hiding her bankruptcy filing from over two decades ago from voters. In fact, she credits it with leading to her career as an investment banker and teacher.

Kimberly Wiggins, who is running as an independent in the upcoming election on Aug. 2 for Montgomery County Trustee, acknowledged the bankruptcy, which occurred when she was just 18, after a political consultant filed a complaint against her.

Improving your chances for a mortgage following bankruptcy

If you've filed for bankruptcy, you may think that your dreams of buying a home at some point in the future are dead. That's not true at all. With some careful planning and good money management, you can buy a home -- perhaps sooner than you realize

Bankruptcies can stay on your credit report for as long as a decade. However, you can qualify for a mortgage sooner than that. The first step is to begin to rebuild your credit. Recently, we discussed financial tools such as secured credit cards and loans that help you show potential creditors, including mortgage providers, that you're not likely to default on your loan.

Chronic health conditions and out-of-pocket expenses

Chronic health conditions can have many impacts on families. This includes financial impacts. Such conditions can subject families to major out-of-pocket costs. These expenses can have a lot of time to build up with chronic conditions. Such costs could expose families to financial struggles, particularly low-income families.

This is underscored in a recent study regarding a chronic condition. This condition is coronary artery disease. It is estimated that around 10 percent of U.S. adults have this disease. It can lead to a variety of health problems, including heart attacks and strokes.

How can you rebuild credit after bankruptcy?

If you're considering filing for bankruptcy to get out from under a mountain of debt, you may be concerned about your ability to ever get credit again. Chapter 7 bankruptcies stay on your credit reports for 10 years. Alternatively, Chapter 13 filings are reflected for seven years.

With careful planning and diligence, you can take steps to re-establish credit. There are a number of tools for doing that. Following are some examples.

Why are more people carrying debt into retirement?

Many of us grew up with parents or grandparents who didn't believe in credit cards or virtually any kind of debt, except perhaps a mortgage. That was often paid off before they retired.

Today, however, it's more common for people in their senior years to continue to have debt. The amount of debt carried by people 75 and older has been increasing in the last decade. According to a study by the Employee Benefit Research Institute (EBRI), almost half of retired people in that age group owe money. That's double the amount owed just over a quarter-century ago in 1992.

The good news and the bad news about Chapter 13 bankruptcy

Many Tennessee residents find themselves overwhelmed by debt. If you are experiencing financial difficulties, you are in good company. More than likely, you have tried tightening your purse strings, adjusting your budget and cutting out luxuries in order to stay afloat.

Unfortunately, creditors continue to call, and you can't seem to make a dent in your debts. You may find that you are in danger of losing your home. One option you may consider is filing for Chapter 13 bankruptcy, but you want more information before making your decision. In that case, it may help to know the advantages and disadvantages of filing under this chapter.

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