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Bankruptcy Help For Everyday People

November 2019 Archives

Growing medical debt often leads to bankruptcy

Medical debt affects over 137 million Americans in North Carolina and across the country. Despite the passage of the Affordable Care Act, many people face expensive medical bills that they are unable to repay. According to one study, medical bills are the primary reason for people of any age to cash in their retirement savings or 401(k) plans or take even more serious action to address a financial crisis. Research indicates that two-thirds of all bankruptcy filings across the country are at least partially linked to significant amounts of medical debt.

Bankruptcy rates among older Americans are soaring

Senior citizens in North Carolina and around the country are filing for bankruptcy in unprecedented numbers according to a recent study. Chapter 7 and Chapter 13 bankruptcies filed by Americans between 55 and 64 years of age have risen by 66% since 2016, and the number of retirees in the United States seeking debt relief has more than tripled. These were just two of the sobering statistics a University of Illinois professor discovered when he looked into the financial challenges faced by older Americans.

What happens to your debt if your ex-spouse files for bankruptcy?

During a divorce, the North Carolina family courts determine a reasonable and fair way to split up both the assets you've acquired during your marriage and the debt you share as a family. Many times, the spouse who has greater overall assets or income will wind up responsible for a greater share of the debt from the marriage as well.

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