Many factors can contribute to individuals having a difficult time staying on top of their finances. Medical debt is a common reason that individuals in South Carolina and across the country find themselves overwhelmed financially. For individuals facing such a situation, considering bankruptcy may be a prudent step to take in hopes of getting back on track financially.
It was recently reported that two households in another state filed for bankruptcy within the last year and had medical bills as a reason for their financial struggles. It was reported that one woman was a single mother with three children. Medical bills, lack of work income and a limited salary from disability and other support payments contributed to her facing considerable debt. She reportedly had over $200,000 in liabilities with only $11,470 in assets.
The other household involved a health care worker and a disabled spouse. Medical debt was among the details listed for contributing to the debt along with student loans. Their case involved over $156,000 in liabilities and $43,332 in assets. Their annual salary was listed as just over $30,500.
When medical debt is a contributing factor to ongoing financial problems, many individuals may wonder if there are options for discharging that debt. Luckily, bankruptcy may be able to help South Carolina residents with such an endeavor. Information on the different types of bankruptcy and what may qualify an individual to file a petition may prove useful. Additionally, consulting with experienced attorneys may allow interested individuals to find the right path in order to regain financial stability.
Source: courier-journal.com, “Who is filing for bankruptcy? Take a look”, Grace Schneider, Nov. 26, 2016