In my many years as a Peoria Illinois Chapter 7 Bankruptcy Lawyer I have had the privilege of working with individuals and families struggling with difficult financial situations, helping them to get the information they need to make important decisions.
After taking the initiative to gain an understanding of the bankruptcy process and their potential eligibility, many clients express relief that bankruptcy protection is an option they can pursue, now or in the future. The key boils down to getting the information you need so that you can take control of your financial future with the tools that are available, which may or may not include filing for bankruptcy.
With job layoffs – some close to home, the soaring cost of living, and unexpected expenses catching many by surprise, there has been an increase in bankruptcy filings across the country. With a dramatic rise in the number of Americans who simply cannot pay off their debts, many consider bankruptcy protection to turn the tide.
#1 Reason People File for Bankruptcy is Medical Debt
Individuals and families socked with unexpected medical expenses represent more than half of those who file for bankruptcy, making unpaid medical bills one of the leading causes of bankruptcy in the nation.
With the astronomical costs of healthcare and prescription drugs, even those who have insurance have trouble keeping up when the treatment of a serious disease or injury can run into hundreds of thousands of dollars.
Bills stemming from an unexpected medical event can cut into savings and retirement accounts, college education funds and home equity. Often times, it is only when the resources are totally exhausted that people seek the help of bankruptcy lawyer who can then help them to find ways to protect their remaining assets.
The best advice is to seek the help of an experienced bankruptcy lawyer at the first sign of trouble. If you believe there are financial challenges ahead because of unexpected medical bills, or because you are overextending credit to cover day to day costs, are considering divorce, anticipate a change in employment or for other reasons, it is important to learn about bankruptcy protection. Knowing what your options are may help you avoid costly mistakes and chart a course for financial recovery.
Contact a Peoria Illinois Medical Debt Lawyer for Help Today
Please check in on our future posts where we will look at some of the other reasons many Americans are seeking bankruptcy protection. If you have questions regarding chapter 7 or chapter 13 bankruptcy, contact Peoria Illinois Medical Debt Lawyer Charles Covey for more information. We offer a free consultation so you can decide if bankruptcy is the best choice for you and your family.