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.
New Study Finds High Debt Can Be Hazardous to Your Health
As reported in Phys.org, a new Northwestern Medicine® study, recently published in Social Science and Medicine, has found that high financial debt is associated with higher blood pressure which can put one at increased risk for hypertension and stroke.
“We now live in a debt-fueled economy,” said Elizabeth Sweet, lead author of the study. “Since the 1980s American household debt has tripled. It’s important to understand the health consequences associated with debt.”
Researchers used data from the National Longitudinal Study of Adolescent Health for 8,400 young adults, ages 24 to 32 years old. The study found that 20 percent of those reporting that they would still be in debt if they sold all of their assets: i.e., they have a high debt-to-asset-ratio. A higher debt-to-asset ratio was associated with higher stress and depression and high diastolic blood pressure. A two-point increase in diastolic blood pressure, for example, is associated with a 17 percent higher risk of hypertension and a 15 percent higher risk of stroke.
If you’re having trouble making ends meet and see your debt load increasing, call for a FREE consultation to speak with a Minneapolis bankruptcy lawyer and explore your options for resolving the debt and getting a fresh start. Don’t let the stress of debt overwhlem you, it’s bad for your health.
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.