Staggering medical bills are the biggest driver of personal bankruptcies in the US. Here’s what you need to know if you’re thinking about filing for bankruptcy.
|06/25/2019||Posted by BusinessMediaguide.Com under General World News||
- Personal bankruptcies have been on the decline since the recession ended, but one reason people may not be filing for them is that the process is too expensive.
- Personal bankruptcy is largely driven by unexpected causes, like medical debt.
- There are two ways people can eliminate debt: by filing for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
- However, student loan debt is non-dischargeable — debtors still need to pay it off.
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There’s a dark irony to personal bankruptcy.
Indebted consumers can declare bankruptcy for debt relief — but they need to pay to read more >>>