According to the National Institutes of Health, it costs $216.6 billion per year to treat cancer in the United States. On average, each patient racks up over $10,000 of debt with costs higher for those treated earlier in life. Cancer treatment costs were also higher for those with advanced forms of cancer. Statistics indicate that 62 percent of cancer survivors go into medical debt to pay for their treatment.
Pennsylvania residents who are faced with overwhelming consumer or medical debt may sometimes consider filing for bankruptcy as a method of obtaining some relief from these obligations. The ultimate goal is to obtain a discharge from the bankruptcy court, as the effect of a discharge releases the filer from personal liability from some of these debts. The affected creditors are also prohibited from further communications with the debtor and from instituting or continuing any form of collection activity with respect to those obligations.
A homestead exemption allows an individual or married couple filing for bankruptcy to protect some or their entire home. As of 2013, the federal government allows a homestead exemption of $22,975 for an individual and $45,950 for a married couple. In Pennsylvania, the homestead exemption is $300 for married couples who own property jointly. For senior citizens, there is a sliding scale in place that could result in an exemption of up to $15,000.
Credit cards have a way of being people’s closest comrades and simultaneously being their worst enemies. This is because the more that credit cards are used, the more people can buy and pay for. However, it also means that people incur more debt. Credit card debt may be particularly troubling if a person begins to have his or her wages garnished in order to pay back his or her financial obligations.
People naturally have a desire to succeed financially, whether they are focused on building their businesses or simply building their households. That’s why facing extensive debt can be disheartening and make an individual feel frustrated. Filing for bankruptcy is often a responsible way of handling this unmanageable debt, in Pennsylvania and elsewhere.
When debt seems to linger like an unshakeable cloud, a consumer in Pennsylvania may begin to feel desperate for help. Personal bankruptcy protection is available for those who wish to eliminate unsecured debts that have simply become unmanageable. However, it’s worth noting that filing for bankruptcy may have an impact on a friend or family member who cosigned a loan for a person who subsequently files for bankruptcy.
Being in debt in Pennsylvania can feel like being in an inescapable deep hole. The more a person may try to climb out of the financial hole, the more he or she may feel behind due to high credit card interest rates and inadequate income. There are a few signs that a person may benefit from filing for bankruptcy in order to finally remove his or her debt.
There’s good debt in Pennsylvania, and then there’s bad debt. Good debt, such as a mortgage, eventually leads to an asset once the debt is paid in full. When it comes to credit card debt, on the other hand, a person typically ends up paying more than necessary for a purchase over the long haul without getting any more benefit from doing so. People are generally aware that credit card debt is worth targeting first when trying to get out of debt.
When things are going well at the job and at home, a person may feel on top of the world. However, in an instant, that job may be taken away, or a person may fall ill and rack up thousands of dollars of medical debt. When debt gets out of hand, bankruptcy is a helpful option in some cases in Pennsylvania.
Going to college is often seen as a good thing: With a degree, a person's job options increase, and the person may enjoy higher earning power. However, going to college can also been viewed in a negative light if a college graduate leaves campus with tens of thousands of dollars in student loans. It's natural to want debt relief in this type of situation in Pennsylvania.