A reaffirmation is an official way to “reobligate” yourself on the loan. This involves the lender sending us a reaffirmation contract to be signed by you.
High Cost of Medical Treatment Causes Many People to File for Bankruptcy
According to the St. Cloud Times, a Minnesota news source, the most common reason that individuals in the United States file for bankruptcy is illness, and much of this is due to the high cost of drugs.
Previously on this blog, we've written about how unexpected medical bills can cause individuals to fall behind financially and how, in some cases, people choose to forgo important medical treatment if they know it will add onto the debt they have already accrued.
In a recent article featured in the medical journal “Blood,” a group of researchers suggested that the cost of cancer medications – particularly those used to treat chronic myeloid leukemia (CML) – has become so high that some patients may die because they are unable to afford treatment.
According to the St. Cloud Times, a Minnesota news source, the most common reason that individuals in the United States file for bankruptcy is illness, and much of this is due to the high cost of drugs. In Minnesota alone, there are approximately 817 people diagnosed with leukemia each year. People with CML have a 57.2 percent survival rate, so getting treatment can be an issue of life or death.
“Identifying better ways to manage the cost of cancer care will require an evolution in thinking about current pricing-related policies and regulations, including those that limit price negotiation for Medicare coverage of treatments, as well as patent-related laws that limit the introduction of more affordable generic drugs,” said Dr. Hagop Kantarjian, one of the medical professionals who authored the article.
Minnesota residents who find themselves struggling to make ends meet for reasons related to medical care should know that filing for bankruptcy may be a viable option available to them. If you've fallen behind on your credit card payments, contact Atlas Law Firm, a Twin Cities bankruptcy law firm, today. We view bankruptcy as a financial tool that can help people resolve burdensome debt, and our professionals can help you determine which filing is right for you.
Chapter 13 is essentially a payment plan that you organize through the court system. Think of it as a consolidation loan with teeth.
There are 2 things you must do after your case is filed: (1) attend the meeting of creditors (aka the 341 hearing); and (2) complete a debtor’s education course via phone within 75 days from the date your case was filed. The 341 hearing is sometimes referred to as the meeting of creditors because your creditors can attend the meeting and ask you questions about the information contained in your petition.