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August 2014 Archives

The impact of medical bills on credit scores

New Hampshire readers may be surprised to learn that medical bills are currently the leading reason for personal bankruptcy filings. Surveys have found that approximately one in three Americans are struggling to cope with doctor or hospital bills, and this can have a significant impact on their credit scores. The credit reporting agency Experian says that 64 million Americans may have difficulty borrowing due to medical collection accounts on their credit reports.

New Hampshire staffing firm facing bankruptcy

A New Hampshire staffing agency is facing bankruptcy due to growing debts that it says are related to ongoing management disputes at the Market Basket chain of supermarkets. American Resource Staffing Network Inc., based in Bedford, has filed a petition for relief according to documents submitted to the U.S. Bankruptcy Court in Manchester. The filing states that the firm, which handles payroll for more than 1,000 people, is facing debts of $10 million. ARSN itself has 41 employees.

New method of scoring by FICO

The credit history and FICO score data may be soon collected differently with an advantage to the consumers, including New Hampshire residents. In order to help the consumers improve their scores, certain medical debts will be weighed differently, leading to boost in ratings by as much as 25 points. This method might also help the lending institutions to better assess creditworthiness when deciding to approve a loan, according to a former FICO employee.

Bankruptcy and discharge dates in New Hampshire

When seeking debt relief, it is important to understand that there is a difference between the filing date of bankruptcy and the date that the debt is discharged. For those seeking Chapter 7 bankruptcy, the debt is generally discharged four months after paperwork is filled out and the bankruptcy is approved. For those who seek Chapter 13 bankruptcy or must use Chapter 13 because they are not eligible for Chapter 7, it may take as many as five years for a debt to be discharged.

Millions of Americans have debt in collections

Those who live in New Hampshire may be surprised to learn that 77 million Americans have a debt that is currently in collections. While that number may seem high, there are many reasons why a person could have a debt in collections, and some counted in that number have good credit and may not even know about the debt. This is often the case with those who have medical debt because some people in that situation may assume insurance paid the bill.

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