The reasons for an individual or a business to contemplate measures for debt relief are many, and vary due to individual circumstances. Some find that filing a petition for bankruptcy is the best way to address financial issues. One reason that can affect both individuals and businesses is a catastrophic event that makes bankruptcy not so much an option as an apparent necessity.
Two widely-publicized unhealthy conditions of Americans – financial debt and obesity – may have more in common that most people would realize. Although both may be influenced by outside factors, such as unemployment and a struggling economy for debt, and health conditions such as diabetes for obesity, both can also stem from a pattern of excess.
When you or someone you know becomes seriously ill, you want to be able to receive medical care from your physician or at your local hospital in Oklahoma without having to worry about things such as medical debt, financial challenges, and credit scores. However, a recent study conducted by the Consumer Financial Protection Bureau suggests that accruing unpaid medical debt could be unfairly detrimental to a patient’s credit score.
It is no secret that the state of the economy is always changing. With it, business fortunes in Oklahoma and around the country also fluctuate. Often when a business runs into trouble, filing for bankruptcy becomes the only feasible option.
Filing for bankruptcy, whether under Chapter 7 or Chapter 13, provides consumers with overwhelming debt a way out. Chapter 7 is known as the fresh start bankruptcy because a significant amount of debt can be discharged under this process. Chapter 13 is often referred to as the wage-earner bankruptcy, because it allows an individual to reorganize their debts into a manageable repayment plan based on their current income.