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Posted by on December 6, 2022


Several factors are responsible for consumers filing for bankruptcy. These include poor personal finance choices, medical debt, and home mortgages. Several consumers also file repeatedly, causing a lot of stress on their financial situation

Medical debt is a major problem for millions of Americans. Unexpected medical bills can quickly escalate into a financial disaster. People with less-than-ideal health are more likely to accumulate medical bills. 

The United States spends a lot of money on health care. It spends more per capita than any other country in the world. Yet, tens of millions of people are uninsured or underinsured, leaving them vulnerable to large medical bills. 

Many Americans live paycheck to paycheck. In fact, a recent study found that nearly one in five households could not afford needed medical care. Fortunately, Congress has passed legislation to help with the upfront costs of healthcare. 

The Affordable Care Act capped out-of-pocket spending. This has decreased the burden of medical debt for some Americans, but others still find it difficult to pay for their healthcare. 

In addition, medical debt collectors have become increasingly aggressive. They may sue you, take legal actions against you, or even place a lien against your real estate. 

Often, medical debt collectors will tack on extra fees to interest-free debt. They also may add unpaid medical bills to your credit report. These debts stay on your credit report for seven years. 

The best way to deal with medical debt is to avoid it. However, if you find yourself in a situation where you cannot pay your bills, you may need to file for bankruptcy. 

Medical debt is one of the most common reasons people file for bankruptcy. According to the Consumer Bankruptcy Project, about half of bankruptcy debtors cite medical expenses as a contributor to their bankruptcy. 

Taking out a home mortgage is a big financial commitment. Regardless of whether you’re buying a house on your own or with a partner, you’ll want to be sure you’re aware of all the costs involved. And you don’t want to be stuck with a mortgage that you can’t afford. 

The most important question to ask yourself before taking out a mortgage is what kind of mortgage is best for you. Thankfully, there are several options out there. You

may opt for a conventional loan with a fixed or adjustable interest rate, a VA loan, or an FHA loan. You can also choose a loan with a long or short term. 

The best way to determine what kind of mortgage will best suit you is to gather all the relevant information. This includes the terms and conditions of your loan. It also helps to have a local bankruptcy lawyer in the mix to make sure you understand all of your options. In Harrisburg, PA a bankruptcy lawyer is available to meet with you and answer any questions. 

There are other things to consider, including whether or not you’re eligible for a loan. If you’re a service member, you may qualify for a VA loan. If you’re in a rural area, you may be able to qualify for a USDA loan. You’ll also want to check out the most reputable mortgages. 

Getting a mortgage after bankruptcy can be a challenge, but it isn’t impossible. As long as you’re ready to put in the work, you should be able to find a lender willing to work with you. But first, you’ll need to have good credit. This means you’ll want to get pre-approval. And the best way to do this is to get the most competitive rate. 

Using bankruptcy to stop wage garnishment can be an effective way to get out of debt. In fact, you can even recover back wages garnished within 90 days of filing. 

Wage-garnishment laws are different for different types of debt. For example, alimony and child support can be garnished more heavily than taxes. The total amount of wages garnished cannot exceed 25% of an individual’s disposable income. 

There are also state-specific laws on how much can be garnished. Some states have exemptions for government assistance or medical aid. Similarly, there are limitations on how much can be garnished from personal property. 

Most states allow an individual to request a court order to stop wage garnishment. To request an exemption, you need to provide proof that you have exempt income. For example, you can claim your Social Security benefits as an exemption. 

There are also several other ways to stop wage garnishment. One way is to use a credit counseling service to negotiate a payment plan with your creditors. A credit counseling service may charge you a fee for its services, but it may also be able to reduce the amount you have to pay. 



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