Arkansas consumers may be interested in a move by FICO that may improve credit scores for people with outstanding or settled medical debts. The company, which is a provider of personal credit scores and related data, announced on Aug. 7 that certain medical debts will be treated differently in score calculations going forward.
One of the biggest concerns an individual filing for bankruptcy may have is when the debt will finally be gone. This may be particularly true if it has been difficult to meet basic obligations due to high payments on unsecured debt. For many, bankruptcy filing is selected only after attempting other resolutions, and the discharge signals a point of relief from extreme stress. The discharge date in Chapter 7 bankruptcy is based on the filing time, and the actual discharge typically occurs approximately four months after the filing.
Residents of Arkansas join millions of others throughout the country in debt, with many Americans positively swimming in bills, credit card charges, and other money owed to creditors. In a good many of these cases, debtors are "juggling" debt rather than paying any one thing off, but they could turn to debt settlement or other reputable means of paying down debt.