The residential real estate industry has been through a lot over the past 10 years. Through the lofty heights of the boom to the how-low-can-you-go depths of the foreclosure crisis, real estate professionals and industry analysts asked themselves the same question: How long can this last?
We recently wrote about the fact that medical debt is not always accurately reported to credit agencies. When medical debt is incorrectly reported, it can negatively impact consumer credit scores. We also mentioned that sometimes overwhelming medical bills can prompt individuals to file for bankruptcy. In fact, numerous media reports over the last few years indicate that rising medical debt is now the number one reason that consumers opt to file for personal bankruptcy in the U.S.
If your debt is becoming overwhelming, it is important to speak with a professional who can help you determine the best course of action. For example, if your debt-load is greatly disproportionate to your income and it is likely to remain that way for a long time, bankruptcy might be the right choice for you. If so, an attorney experienced in bankruptcy may be able to help you eliminate your debt or reduce it to manageable levels.
As our Chicago-area readers know, medical debt can be a real thorn in the side of a healthy financial picture. Everyone has bills to pay, such as mortgages and car payments, but medical debt can be especially overwhelming because of its unpredictability and ability to increase seemingly exponentially.