Pennsylvania residents find themselves in debt trouble for different reasons. For example, one person might have bought too many exotic vacations on his or her credit card. Another person might have bought too many gifts and gadgets on credit. Meanwhile, other people might have accrued their debt gradually, simply because they were not earning enough to support their basic financial needs. More commonly, though, Pennsylvania residents find themselves in debt after incurring large and unaffordable medical bills.
Medical debt is the most popular cause of bankruptcy in the United States. Believe it or not, 60 percent of bankruptcy filings in America are caused by medical debt. This is probably because our medical system is one of the most expensive on earth. When a simple operation can cost more than $20,000 to perform, it's understandable why so many people are embroiled in medical bills they can't pay off.
Once the medical debt has been incurred, average Americans might spend a lifetime trying to pay it down, but never finish. If you feel like you're in this kind of a situation, bankruptcy might be able to help. Whether you choose Chapter 7 or Chapter 13 proceedings, the bankruptcy might give you a new financial lease on life.
Your doctor or surgeon saved you medically, and now it's up to bankruptcy to save you financially. Before beginning the bankruptcy process, however, you may want to analyze your financial situation -- including your assets, savings, income and debts -- with a qualified Pennsylvania bankruptcy attorney to determine the debt resolution strategy that is most appropriate for you.