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 In part 5 of this series we discuss medical expenses which is the most common reason for filing bankruptcy. A recent Harvard University study showed that medical expenses account for approximately 62 percent of personal bankruptcies in the US. Interestingly, the study also showed that 72 percent of those who filed for bankruptcy due to medical expenses had some type of health insurance, thus debunking the myth that only the uninsured face financial catastrophes due to medical-related expenses.
Are you overwhelmed by the burden of excessive debt due to medical bills? If so, contact a Bankruptcy Attorney at 636-724-3355 or visit us at www.bankruptcysolo.com to schedule your no-cost consultation with an experienced bankruptcy attorney.  In part 4 of this series we discuss job loss which is the second most common reason for filing bankruptcy. Each day, thousands of workers leave the workforce due to layoff, termination or resignation. Equally devastating to losing your job is the loss of income. Many are forced into borrowing money or using credit cards to pay for essential bills.
The loss of insurance coverage and the cost of COBRA insurance also drain the job seeker’s already limited resources. Those who are unable to find similar gainful employment for an extended period of time may not be able to recover from the lack of income in time to keep the creditors at bay. Are you overwhelmed by the burden of excessive debt due to a recent job loss? If so, contact a Bankruptcy Attorney at 636-724-3355 or visit us at www.bankruptcysolo.com to schedule your no-cost consultation with an experienced bankruptcy attorney.  In part 3 of this series we discuss poor/excess use of credit which is the third most common reason for filing bankruptcy. Credit card bills, installment debt, car and other loan payments can eventually become unmanageable, until finally the borrower is unable to make even the minimum payment on each type of debt. If the borrower cannot access funds from other sources such as friends or family, then bankruptcy is usually the inevitable alternative.
Some may consider debt-consolidation plans but statistics indicate that most debt-consolidation plans fail for various reasons, and usually only delay filing for most participants. Although home-equity loans can be a good remedy for unsecured debt in some cases, once it is exhausted, irresponsible borrowers can face foreclosure on their homes if they are unable to make this payment as well. Are you overwhelmed by the burden of excessive debt? If so, contact a Bankruptcy Attorney at 636-724-3355 or visit us at www.bankruptcysolo.com to schedule your no-cost consultation with an experienced bankruptcy attorney.  In Part 2 of this series, we discuss divorce and marital separation which is the fourth most common reason for filing bankruptcy. Marital dissolutions create tremendous financial strain on both partners in several ways. First come the legal fees, which can be astronomical in some cases, followed by a division of marital assets, decree of child support and/or alimony and finally the ongoing cost of keeping up two separate households after the split. The legal costs alone are enough to force some to file, while wage garnishments to cover back child support or alimony can strip others of the ability to pay the rest of their bills. Spouses who fail to pay the support dictated in the agreement often leave the other completely destitute.
If you struggling financially as a result of a recent divorce or marital separation, please contact a Bankruptcy Attorney at 636-724-3355 or visit www.bankruptcysolo.com to schedule your no-cost consultation with a bankruptcy attorney to discuss your options.  This is the first post in a series highlighting the top five reasons why people file bankruptcy. The March 2017 annual bankruptcy filings totaled 794,492, compared with 833,515 cases in the year ending March 2016. While there are a number of reasons why Americans file for bankruptcy, the reasons for filing can be grouped into five major categories. The fifth most common reason is unexpected expenses. Loss of property due to theft or casualty, such as earthquakes, floods or tornadoes for which the owner is not insured can force some into bankruptcy. Others may be faced with substantial car repairs or other major catastrophes which can quickly drain your bank account.
If you are considering bankruptcy as an option to address unexpected expenses, contact a Bankruptcy Attorney at 636-724-3355 or visit www.bankruptcysolo.com to schedule your no-cost consultation with a bankruptcy attorney.  There are many myths surrounding personal bankruptcy. Here’s a look at some of the most common myths. Myth 1: Bankruptcy is Because of Financial Irresponsibility. Yes there are situations where this is the case. However, many people file bankruptcy due to circumstances that are outside their control. For instance, many bankruptcies are due to medical bills linked to unforeseen health issues. Other common reasons include loss of a job or divorce. Myth 2: Bankruptcy Permanently Ruins Your Credit. Filing bankruptcy will impact your credit upon filing, however, after a year of filing bankruptcy most debtors find their credit scores have increased on average 125 points from the date of filing. Myth 3: Bankruptcy Discharges all Past Debts. Unfortunately no. There are several types of debt that are not discharged by bankruptcy. Domestic support obligations such as alimony or child support cannot be discharged through bankruptcy. This also applies to restitution related to a prior crime and the vast majority of overdue taxes. Myth 4: You Can’t File Bankruptcy if You have a Job. This is not true. Many people who are currently employed are able to qualify for bankruptcy if their income falls below a minimum threshold. Myth 5: You’ll Lose Everything. Filing for bankruptcy does not necessarily mean that you will lose all of your possessions. For the average person, most personal possessions are covered by exemptions. Call today at 636-734-3355 to talk to an attorney and determine if you qualify for bankruptcy. Medical Bills and Bankruptcy The continued rising costs of medical care, including prescription costs has placed a significant strain on a number of Americans including those with health insurance. A recent study continues to identify medical bills as one of the leading causes of bankruptcy. The study also indicated that unpaid medical bills may surpass mortgage debt and credit card debt despite more people getting access to healthcare insurance.
High insurance deductibles, copays, and medical costs make it difficult for families to manage necessary household needs and put further stress on finances. Are you overwhelmed by the burden of medical bills and expenses? Contact The Wibbenmeyer Law Firm LLC at (636) 724-3355 to meet with an experienced bankruptcy attorney for a no-cost consultation where you can discuss your options for alleviating the burden of debt. Source: Fox Business News Many people file for bankruptcy to eliminate credit card debt which is typically discharged in bankruptcy. However, bankruptcy law states that any debt you obtained by fraud, misrepresentation, or false pretenses is nondischargeable in bankruptcy. This includes credit card charges or cash advances you never intended to pay back when you used your card. Credit card charges and cash advances are presumed fraudulent and nondischargeable under the following circumstances:
Charges for luxury items within 90 days of bankruptcy. Charging more than $650 on a single credit card for luxury goods or services (i.e., goods and services not reasonably necessary for your support or maintenance) within the 90-day period prior to filing your bankruptcy. Cash advances within 70 days of bankruptcy. Obtaining cash advances of over $925 in aggregate during the 70 days preceding your bankruptcy filing. It is important to consult with a bankruptcy attorney prior to filing bankruptcy. An attorney can help you to avoid these common mistakes and ultimately help you to get a fresh start. Call a Bankruptcy Attorney at 636-724-3355 or visit www.bankruptcysolo.com to discuss these and other complex legal matters at your free consultation. Unfortunately, and all too often, clients and prospective clients receive poor customer service from their bankruptcy attorney. A recent study by the ABA Law Practice Division’s Social Media, Legal Blogs, and Websites Committee uncovered a number of shocking statistics. The study found…
 We refuse to be in the majority. At The Wibbenmeyer Law Firm, all phone calls and web generated forms are returned within 24 hours by an attorney. Call today at 636-724-3355 to take your first step to a fresh start.
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