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Home 9 Medical Debt 9 There comes a time

There comes a time

by | Sep 12, 2015 | Medical Debt


Most people believe that bankruptcies are something that happens to other people. You know, those people, who buy too many things and place too many purchases on their credit cards. Those people who don’t know how to make careful investments or pay attention to the economy and the state of markets.

Until something happens to them. They help a child with a student loan or buying a car and a home. They are not being reckless with their money, they are helping a family member in need. But then they suffer a car accident. The other driver had no insurance and is judgment-proof. The reach their policy limits on their own medical coverage and there are more bills.


And they have exhausted all of their sick time and vacation time and work, and because of their injuries, they either can only work part time or wind up losing their job, because their employer needs someone who is available full-time.

And their adult child, for whom they cosigned the mortgage loan, loses their job because their employer goes out of business. They too, begin to default on their payments. Then the creditors begin to call and the dunning letters begin to arrive in the mailbox.

And suddenly, their solid financial footing transforms into quicksand, and they begin sinking under all of the debt that they cannot pay. That is when they begin to realize that bankruptcy can happen to them.

And that’s when they should consider speaking with a bankruptcy attorney. An attorney can examine their debts and explain how a bankruptcy can eliminate most debts and provide a new financial beginning.

Source:, “Using personal bankruptcy to hit the reset button on distressed properties,” Robert Massi, August 27, 2015