A recent article published by Bloomberg suggests that an increasing number of Americans, even those with health insurance, are turning to crowdfunding services to fund their medical bills. Crowdfunding services work by soliciting online donations from thousands of other people. According to an article, 70 percent of YouCaring campaigns involve medical bills. GoFundMe’s CEO has also reported that medical bills have helped business boom. While some people may successfully use crowdfunding to pay their medical bills, many others fail to reach their fundraising goals. According to a 2015 study released by NerdWallet, a financial analytics website, only 11 percent of crowdfunding campaigns for medical bills are successful. To be considered successful by the study, the campaign needed to meet its target goal. Fundraising goals also varied depending on the crowdfunding service. An additional study conducted by the University of Washington discovered that only 10 percent of these campaigns met their…
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Filing for bankruptcy provides certain protections from debt collectors. An automatic stay is issued after a debtor files for bankruptcy. Once the automatic stay is issued, most creditors cannot resume attempts to collect debts. However, some creditors may violate the automatic stay and commit collection harassment. A recent case that made its way through the 3rd Circuit Court of Appeals involved multiple stay violations that went far beyond phone calls. The 3rd Circuit Court of Appeals recently upheld a $50,000 emotional distress award stemming from a business bankruptcy. In the case, a husband and wife were terrorized by their landlord after their daycare center filed for bankruptcy. The couple accused the landlord of the following: Entering the daycare uninvited and backing one of the owners (the wife) against the wall. She claims the landlord began asking, “do you want to hit me?” multiple times. Returning to the business after hours…
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Health savings accounts (HSAs) have attracted a lot of public attention in recent weeks as lawmakers discuss new options for overhauling our health care system. HSAs have been around for a long time, but they may become even more commonplace in the near future. These accounts currently require you to be enrolled in high-deductible health care plans. As of this year, you must have a deductible of at least $1,300 for an individual plan and $2,600 for a family plan. If you have an individual plan, you can contribute $3,400 into an HSAs. For families, this amount is $6,750. These funds can be used to cover basic medical expenses. Contributions towards your HSA can come from your employer, relatives or others. What Are the Pros and Cons of Health Savings Accounts? Contributions made to HSAs are tax-free. You do not have to report these contributions when filing your taxes. Withdrawals…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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