Methodist Le Bonheur Healthcare, the largest hospital system in Memphis and the second largest private employer in Shelby County, Tennessee, boasts six hospitals and 150 outpatient centers, clinics, and physician practices in its health system. It was also named by Fortune Magazine as one of the 100 Best Companies to Work For in 2018. Its CEO, Dr. Michael Ugwueke, made $1.6 million in compensation in 2017.
Bankruptcy filings usually occur after months, if not years of financial stress and uncertainty. Phones continually ring with debt collectors on the other end. Mailboxes fill up with final notices, garnishment warnings, and lawsuits.
Efforts over the last several years have attempted to reign in the increasingly unethical tactics and outright bullying behavior employed by debt collectors. Debtors breathed a sigh of relief as collection agencies were forced to work within more strict parameters.
Driving Toward Delinquency
Financial problems permeate all aspects of debtors’ lives. Twenty-five million Americans who have debts in collections are already dealing with the stress and uncertainty that comes with not being able to make ends meet. Mailboxes fill with past-due notices and phones ring continuously with debt collectors aggressively pursuing past-due or delinquent balances.
While politicians in Washington, D.C. tussle over the state of health care and what form insurance coverage should take, their constituents nationwide continue to be blindsided by medical debts.
An increasing number of Americans over 65 years old are filing for bankruptcy. From 1991 to 2016, the number of Americans in that age group who filed for bankruptcy increased almost 500 percent.
The decision to file for bankruptcy is an immensely important and personal one. It mustn’t be taken lightly, and shouldn’t be the “first resort” when it comes to debt relief. That being said, however, there are some situations where a bankruptcy filing offers the best chance for a fresh financial start.
You can argue all you like about whether medical debt is a leading cause of bankruptcy filings in the U.S. or not. Experts regularly do. Regardless of what side of the fence you come down on, however, no one would argue that the cost of care is inexpensive.
Filing for bankruptcy is an intimidating step no matter what. But once you hear about the various different types of bankruptcy, it can be even more overwhelming. Today, we want to discuss the main differences between the two most common types of personal bankruptcy, Chapter 7 and Chapter 13.