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Chapter 7 bankrutpcy can provide financial recovery

Some things in life can be controlled. For many Kentucky residents, it is possible to control how much they spend on the extras like eating out and going to the movies. This ability to control expenses goes a long way in helping to curb credit card debt. However, other things in life, such as medical expenses, often cannot be controlled as easily. In this case, when things get out of hand, Chapter 7 bankruptcy may be the way to bring personal finances back under control.

Personal bankruptcy filings have shown an approximate 50 percent decline in the past six years. Industry experts attribute part of this decline to both a change in bankruptcy laws and economic growth during this time period. The availability of health insurance has also been cited as a contributing factor to this decline.

For those positively affected by these changes in the past few years, this is good news. However, for those still struggling under the burden of medical debt, these facts mean little to them. For these individuals, the fact remains that they are facing a medical condition that they cannot control, and that is adding to an already extensive debt burden. The weight of these financial concerns on top of an already worrisome medical condition often makes the situation even more stressful.

Extensive medical debt is a fact of life for many Kentucky residents. Many times, it appears that even if one is able to recover physically, there is no way to recover financially. However, in many cases, Chapter 7 bankruptcy can provide this needed financial recovery.

Source: weartv.com, "Medical bankruptcies", June 20, 2017

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