Last night on the HBO show “Last Week Tonight,” host John Oliver forgave nearly $15 million in time-barred medical debt. He was able to do this after setting up a collection company and purchasing the debt for about $60,000. This debt portfolio and many more like it, is often called zombie debt, because it cannot be collected through legal action. Even though the debt obligation…
If you’re considering bankruptcy, it is very likely you have received correspondence and phone calls from creditors. Creditor calls and never-ending threatening letters in the mail make your debt always on your mind. A recent study reported by Global Citizen in the article “This is Your Brain on Poverty: 5 Facts,” shows how constantly being reminded, let alone harassed, of your…
Dealing with insurmountable debt and making the decision to file bankruptcy can be a deeply personal and overwhelming experience. However you choose to address your debt, whether through consolidation, settlement or bankruptcy, the process is usually full of anxiety and eventually, great relief. And it’s an experience that individuals often hide from others. The perceived stigma that when you fall into…