According to experts, only one in ten people meet a $2500 annual deductible. This means most people on Bronze or Silver plans will end up paying for their generic Ursodiol 300 mg out of their own pocket.
Discharged Debt Definition. When your debt is discharged by a bankruptcy court, you are no longer legally required to repay the debt. When your debt as discharged, your creditors can no longer attempt to collect the money from you, either through legal action or by contacting you via phone, letters, in person or through collection agencies.
One thing to be aware of is that you may have to pay taxes on whatever amount of debt is forgiven, cancelled, or discharged during the debt collection negotiation process. This is called a Cancellation of Debt and may prompt a Form 1099-C at the end of the year, which will likely be sent from the debt collection agency. The cancelled amount must be reported as gross income unless you meet an exclusion or exception. This is something to discuss with a tax professional or accountant. Keep the Debt From Haunting You