Medical Expenses Account For Half Of All Bankruptcies What You Should Know

Written by admin on . Posted in Judge dennis cavanaugh, Judge edward cahn, Robert bonner

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Have you or someone you care about been forced to file for a personal bankruptcy? Many Americans end up involved in a bankruptcy case for a variety of reasons, ranging from a lost job to extreme medical expenses, and it can be difficult getting back on the right track without legal help. If you need to know more about an arbitration service or the benefits of litigating, read below to learn about the nature of bankruptcy in America and how you can go about filing the smart way.

Reasons For Filing

It’s estimated that medical expenses account for over 60% of all personal bankruptcies in America, with a daily average of 3,400 bankruptcy filings in February of 2015 alone. When it comes to personal injury cases, car and truck accidents are the most common cause and the vast majority are settled pre-trial. The act of trademarking is an often tumultuous process and can take anywhere from 10 to 14 months to go through the legal system.

Racial Discrimination

A survey found that one in three black Americans have experienced racial discrimination within the past year, with at least half facing discrimination in the workplace or at the voting booth. Discrimination can affect all areas of life, potentially causing long-term financial fallout and disproportionately harming families and children. There are specific lawyers that work in civil rights cases and are familiar with providing vulnerable populations with the financial and social support they need.

Filing For Bankruptcy

Filing for personal bankruptcy requires a look at your lifestyle, general budget and goals for the future. A Chapter 7 bankruptcy, for example, is best suited to individuals and certain small businesses while a Chapter 13 is ideal for a larger business or corporation. Bankruptcy plans can help you pay off debt, organize your assets and get you and your loved ones back into work or school in a reasonable amount of time. If you’re considering bankruptcy, meet with a lawyer and discuss possible litigation to get your life back on the right track.

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