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February 2019 Archives

Medical expenses can cause overwhelming debt

For people who have recently seen the doctor, been sent to the emergency room or have had a medical procedure performed, the recovery process may entail more than just physical healing. It may take even longer for patients to heal financially from the medical expenses and debt accrued as a result of their medical treatment. In fact, a CNBC report announced that medical expenses were the number one cause for bankruptcies in the United States. Furthermore, it found that people who carry healthcare insurance were slightly more likely to declare bankruptcy than those who did not have medical insurance.

Filing for Chapter 7 bankruptcy

Debt can often seem like a form of bondage to those in Hackettstown who suffer from it. Missed payments, late fees and other penalties can quickly add up to the point of one facing a seemingly insurmountable financial obstacle. In such cases, personal bankruptcy offers protection from further collection efforts, thus halting the growing liabilities compounding one's troubles. Chapter 7 bankruptcy also offers the added advantage of allowing certain debts to be discharged. It is for this reason why this particular form of bankruptcy consistently ranks as the most popular, with the American Bankruptcy Institute reporting it comprising over 67 percent of all non-business bankruptcy filings from the second quarter of the 2018 fiscal year. 

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