Can We Survive the Next Financial Crisis?

Re:Can We Survive the Next Financial Crisis? by crazynick4 on Monday September 10, 2018 @04:04PM (#17954737)

I knew one person who owed 300K for cancer related surgery and another who owed 30k for appendicitis and they didn't have any legal action issued against them. One was close to minimum wage and one stopped working entirely for years after the surgery. Is this more common in specific states maybe? This was in Florida.

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Re:Can We Survive the Next Financial Crisis? by astura on Monday September 10, 2018 @06:05PM (#17955617)

My sister in law has been sued by hospitals twice for unpaid medical debt, but it wasn't even a lot, like ~$1,000 maybe.

Once they have a judgement they can garnish your wages and bank accounts. Other times they may just sell the debt to a debt collector and not even bother trying to collect themselves.

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Re:Can We Survive the Next Financial Crisis? by reaperducer on Monday September 10, 2018 @04:08PM (#17954767)

In some states, especially retirement states like Florida, debtors can't take your home.

In other states, they can.

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Re:Can We Survive the Next Financial Crisis? by toss1 on Monday September 10, 2018 @04:22PM (#17954880)

Filing a Homestead Exemption is a good idea when you buy a home for your primary residence.

Rules and amounts vary by state, but it general, it protects you from creditors forcing you to sell your home. They may get some of the proceeds when you do eventually sell, so it may lock you into your location if you get a lien/judgement against you, but it's still better than getting kicked out.

Per usual, IANAL, consult a proper attny in your locale.

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