Driving Toward Delinquency
Financial problems permeate all aspects of debtors’ lives. Twenty-five million Americans who have debts in collections are already dealing with the stress and uncertainty that comes with not being able to make ends meet. Mailboxes fill with past-due notices and phones ring continuously with debt collectors aggressively pursuing past-due or delinquent balances.
While politicians in Washington, D.C. tussle over the state of health care and what form insurance coverage should take, their constituents nationwide continue to be blindsided by medical debts.
An increasing number of Americans over 65 years old are filing for bankruptcy. From 1991 to 2016, the number of Americans in that age group who filed for bankruptcy increased almost 500 percent.
The decision to file for bankruptcy is an immensely important and personal one. It mustn’t be taken lightly, and shouldn’t be the “first resort” when it comes to debt relief. That being said, however, there are some situations where a bankruptcy filing offers the best chance for a fresh financial start.
You can argue all you like about whether medical debt is a leading cause of bankruptcy filings in the U.S. or not. Experts regularly do. Regardless of what side of the fence you come down on, however, no one would argue that the cost of care is inexpensive.
Filing for bankruptcy is an intimidating step no matter what. But once you hear about the various different types of bankruptcy, it can be even more overwhelming. Today, we want to discuss the main differences between the two most common types of personal bankruptcy, Chapter 7 and Chapter 13.
As is the case with many topics and issues, bankruptcy has its fair share of myths. Given the incredibly negative reputation that bankruptcy has, this isn't surprising. However, bankruptcy isn't the huge "problem" it's often portrayed as being. In fact, it's more appropriate to view bankruptcy as a solution to a problem, rather than a problem in and of itself.
If you are considering personal bankruptcy, you may have already hit the threshold that many experts identify as the point when bankruptcy might be an appropriate legal vehicle for you to get yourself back on solid financial ground. If you have bills you cannot pay and you have no identifiable excess resources coming down the pike, consulting a professional now might be a wise move.
Filing for bankruptcy is a huge step in any person's life, and it's easy to be overwhelmed by the financial and emotional weight of this legal process. There are many steps involved in bankruptcy, and the complicated nature of a filing means that most people will be anxious about the outcome. There are also many fears filers will have going into the bankruptcy process-many of which are unfounded.