There are a few different reasons to file for Chapter 13. Probably the first one is if you are not qualifying for the Chapter 7.
Jan. 12, 2023
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.
The three common triggers for bankruptcy are unemployment, medical expenses, and divorce. Unemployment can trigger bankruptcy, which is pretty straightforward.
The trustee has a duty to conduct due diligence, and that basically means reviewing the documents that are filed by the debtor and then holding a hearing called a Section 341 hearing in which the trustee asks some standard questions of the debtor.