Tag Archives: Financial problems

Medical Diagnosis Often Precedes Financial Problems

mydebtMany recent studies have been done over recent years to determine who files and why. Most people who file bankruptcy carry some form of medical insurance, have an education, and are employed. Research findings repeatedly conclude that un affordable healthcare services lead to medical bills that cannot be paid; a common situation that explains why many people seek bankruptcy.

Rising medical costs lead to bankruptcy; especially for the young.

A medical diagnosis or catastrophic medical event is a sudden and unexpected life event that often precedes financial problems. Younger cancer patients have the highest bankruptcy rates. This is because younger patients are more likely to have debt burdens such as student loans, starting business costs, new home purchase, raising young families, etc. Combine these indicators with fewer assets and little or no supplemental income. Soon, it will become clear why younger people diagnosed with cancer are more susceptible to bankruptcy than older folks. To benefit most from the bankruptcy filing process, seek advice from a lawyer who specializes in bankruptcy. Most initial consultations are free. Eliminating financial burdens will allow all expendable energy to be focused on a positive healing process.

Medical bills are only a hurdle.

When you or a loved one is diagnosed with a medical condition such as cancer, the diagnosis itself is devastating. The ultimate manifestation of a diagnosis like this can become economic hardship. However, the medical bills that have accumulated should only be viewed as a hurdle. While a medical team is aiding in your physical needs, allow a reputable legal team to assist in resolving your financial ailments.

Filing bankruptcy is a positive and optimistic fresh start.

Already overwhelmed by debt? Need to improve credit scores and regain financial independence?Beyond the stereotypes and misconceptions, filing bankruptcy is an affordable resolution that can eliminate most types of debt, including debt incurred from medical bills. Filing bankruptcy provides the launch pad of positive actions necessary to regain control of finances, build back your credit score, and focus on health.

Find an experienced bankruptcy law firm

Filing for bankruptcy can become an expensive and complex process if not handled correctly. Only an experienced Wisconsin bankruptcy law firm will be prepared for the task. The bankruptcy attorneys at Debt Advisors are fair, honest, considerate, compassionate about your diagnosis and helpful in these types of financial situations. They will present all of your options, steer you in the right direction. The most difficult part is making the call for your free consultation. 888-997-4917

Payday loans cost more than you may think

paydayloan

At least partially due to the recession, Payday loan stores have become more prevalent.  You’ll find them in every major city, especially in areas of lower income populations.  Recently, while driving along a major road in the Milwaukee area, there was a billboard for a local ‘payday loan’ establishment.  The observation prompted the idea to discuss these types of cash advance loans.

Convenient and necessary Financial Services:  Payday loans represent an important source of credit for millions of Americans who live from paycheck to paycheck.  Many of these people don’t have access to credit cards, or have a financial institution to deposit funds.  Payday stores will cash a paycheck or provide drafts or money orders for a small fee.  There is nothing wrong with making a profit, and these services at first may seem harmless.  The problem is that they often promote and lead to other services that are more predatory in nature, and contribute to the cycle of debt.

Cash-in-advance:  Trapping people into cycle of debt:  A payday loan or “check loan,” is a short-term loan that is typically due back on your next payday.  Fees for the loan are based upon the amount borrowed, and how quickly the balance is paid.   In advance, you must provide the store access to your checking account or write a check for the full balance.  If the amount due is paid in full, and on time, the borrowers is down by the amount of interest charges.  If it’s not paid, charges continue to build each day.  It’s not uncommon for someone to get so caught up in the cycle that they cannot repay what is due.

High interest payday and car title loans:  The cost of the pre-payday loan includes finance charges that may range up to $30 for every $100 borrowed.  Consider this, a two-week payday loan with a lower-end $15  finance charge on $100 borrowed, equates to an APR of nearly 400%.  ( APR’s on credit cards can range from about 10%-30%.) Car title loans are modeled after payday loan and are just as dangerous.

Payday loans and bankruptcy:  Washington should not dictate consumer financial decisions but there are some ‘common sense’ protections that still need to be established. Congress is currently circulating ideas to ensure that consumers have fair access to credit that doesn’t harm them in the long run.  If you find yourself stuck in cycle of payday loan debt, find some relief in the knowledge that they are dischargeablein bankruptcy.Contact a local firm, experienced in WI bankruptcy laws and knowledgeable regarding payday loans.

 Submit a Payday loan complaint to the  CFPB