A sudden or chronic illness can ruin a family's finances. With the high cost of medical care these days, it is often true whether or not there is health insurance, since even the co-payments on hospital stays and surgical procedures can quickly mount up to unmanageable levels. Many families in Garnerville, New York, Rockland, New York, and elsewhere have experienced this. A consumer bankruptcy, however, provides an opportunity to get out from under crippling debt and get a fresh start in life.
Imagine you are on the brink of filing for bankruptcy. You really want to file for Chapter 7, but you are worried that if you do make this choice that you will lose your home as a result. What should you do?
A new study by TransUnion, a credit rating company, revealed that the U.S. credit card delinquency rate in the second quarter of this year was within one hundreth of a percent of tying the all-time record low of 0.56 percent. "Delinquent" in this study was defined as being at least 90 days overdue with a payment.
When a company sinks so far in to debt that they decide its time to file for bankruptcy, what kind of options are available to them?