Des Moines, IA (Law Firm Newswire) February 8, 2013 – Medical bankruptcy plays a large role in many bankruptcies these days. This trend does not show signs of slowing down in the prevailing economy.
Medical bankruptcy is more common than one might think explained Kevin Ahrenholz, an Iowa bankruptcy lawyer. In fact, medical bills and serious illnesses were cited as reasons for over half of the bankruptcies filed in America. There are approximately 3 million Americans seeking bankruptcy protection in any given year since the recession hit. In other words, medical bankruptcy may hit about one person every 15 seconds.
This trend was first noticeable in 2007, and it does not seem to have slowed down over time. In fact, with the recession hitting Americans hard and causing stress related illnesses, an increase in medical bankruptcies is really not much of a surprise. Bankruptcy hits anyone, anywhere, anytime. It plays no favorites. It does not care if a person has health insurance or not, if they have a college education, are celebrities, soldiers, doctors or family members. It can happen to anyone.
As Iowa bankruptcy lawyer Ahrenholz indicates it is something they see and deal with every day, and there is no shame in seeking bankruptcy protection. It is a tool to be used to a debtor’s advantage to alleviate a desperate financial situation.
It is not too far-fetched to equate bankruptcy of any kind, with being homeless. This may happen in a large number of situations. People with homes get in over their heads, lose their jobs, get ill, cannot pay the medical bills and ultimately lose their home. Homelessness can happen to anyone. It does not make any class, age or income distinctions. While medical bankruptcy may be the leading cause of homelessness, it is not always a ‘choice’ that people voluntarily make, Ahrenholz explained.
While filing for bankruptcy protection may not stop everyone from becoming homeless, it is definitely the last chance some have for starting their lives over again. Bankruptcy laws are complex and that is why debtors need the assistance of a competent Iowa bankruptcy lawyer. A debtor needs to understand how the laws apply in their particular situation and how to move forward with their lives and eventual financial recovery.
Kevin Ahrenholz is an Iowa bankruptcy lawyer and Iowa bankruptcy attorney. To contact an Iowa bankruptcy attorney, Iowa bankruptcy lawyer, or set up an appointment, visit http://www.iowachapter7.com or call 1.877.888.1766.
309 Court Ave., Suite 805
Des Moines, IA 50309
Offices in Des Moines, Cedar Rapids, Waterloo, Mason City, and Vinton.
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