It's practically inevitable that at some point in your life you will need medical care. Some Texans find themselves requiring more extensive treatment, though, which can lead to larger medical bills. Many hoped that the Affordable Care Act, passed during the Obama administration, would help curtail those costs and make affordable medical care accessible to all. Yet, although the legislation hoped to reduce the risk of financial ruin caused by medical expenses, the fact of the matter is that Americans are seeking medical-related bankruptcy with all too common frequency.
Filing for bankruptcy is often seen as a last-resort option for Texas residents struggling with debt. However, many people who have filed for bankruptcy appreciate the opportunity to start over financially and move forward with their lives. Chapter 7 bankruptcy is often one of the most popular forms of bankruptcy for individuals, as it discharges unsecured debts, offers automatic protection from collectors and creditors and allows people to complete the filing process in only 3 to 6 months. However, this type of bankruptcy is generally reserved for lower-income households who truly have no other options.
No one ever wants to file for bankruptcy, but for Texas residents who are struggling with debt, it may be the best option. The most common form of bankruptcy for individuals is Chapter 7 bankruptcy. While Chapter 7 bankruptcy will eliminate many of your debts, there are certain debts that will not be discharged.
Celebrity chef Mike Isabella, who got his start on Top Chef, has filed for Chapter 7 bankruptcy on behalf of his parent company, Mike Isabella Concepts. By filing for Chapter 7 bankruptcy, Isabella is closing the doors to his six remaining restaurants and liquidating its assets to pay off debts.
If you find yourself overwhelmed by the debt you are facing, it may be time to consider filing for bankruptcy. Deciding to file for bankruptcy may be one of the hardest decisions you have to make, so it is important to thoroughly research all your options before you officially file. A bankruptcy attorney in Texas can review your case and help you make the decision that is best for you and your family.
Filing for bankruptcy is never an easy decision, but one many elderly people are forced to make. A recent study by the Social Science Research Network revealed that from 1991 to 2016, the rate of Americans over 65 filing for bankruptcy has increased approximately 204 percent. Out of all the people that filed for bankruptcy over this period of time, the number of elderly people increased five times.
At the end of the bankruptcy process comes the debt discharge which allows the filing party to enjoy debt relief. Because of how important the debt discharge is to enjoying a fresh financial start, which is the reason the filing party likely filed for personal bankruptcy protection, it is important for those considering filing for bankruptcy or who have filed for bankruptcy to understand what the debt discharge process is like.
When facing any financial crisis, it is important to be familiar with the personal bankruptcy options available to struggling consumers. Because there are requirements to qualify, and different options to consider, it is best to understand eligibility requirements and which option is best for then needs and circumstances of the filing party.
Understanding Chapter 7 bankruptcy exemptions can help provide peace of mind for individuals struggling with mounting debt and seeking debt relief. Because Chapter 7 bankruptcy is a liquidation bankruptcy process, an individual considering Chapter 7 bankruptcy should also be familiar with Chapter 7 bankruptcy exemptions and the protections they provide.
Tyler residents aged 65 and older who are struggling financially are not alone. Data show that more senior citizens are seeking debt relief by filing for bankruptcy than ever before.