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Chapter 7 bankrutpcy and medical debt

For 12 years now, personal bankruptcies in the United States have been on the decline. For those Kentucky residents who have been able to struggle through and overcome financial crisis, this is great news. However for those who are still in the midst of the financial battle, filing for Chapter 7 bankruptcy may be in their best interest.

For many, the struggle to pay everyday bills such as the mortgage, car note and consumer loans can be a burden. Then, when a family member becomes ill and requires ongoing medical treatment, the bills quickly multiply and can easily get out of control. In fact, many times, an illness that requires ongoing medical treatment can lead to loss of income due to the inability of the individual to continue working at the same level as before the illness, if at all.

Over the past few years, health insurance appears to have become more readily available to individuals and families. However, even with health insurance, some medical conditions require costly treatments that can quickly consume a budget. Furthermore, the ability to maintain the premiums of such health insurance can be too much for some families.

As Kentucky residents and the U.S. Congress continue to debate the current health care situation in the United States, families are still faced with the need for medical treatment and a way to address the debt that such treatment can create. When this burden gets out of control, it is time to take action and relieve at least part of the pressure that the individual and family are facing. An experienced attorney can help determine if Chapter 7 bankruptcy is the appropriate choice.

Source: qz.com, "Personal bankruptcies are down 50% in the US. Thanks, Obamacare?", Michael J. Coren and Christopher Groskopf, Aug. 7, 2017

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