For Baby Boomers and chronically ill residents of West Virginia, filing bankruptcy is becoming much more common. Overwhelming medical bills are quickly becoming the number one factor for filing bankruptcy. Rising credit card debt among Baby Boomers is also a contributing factor.
Medical Bills a Cause for Bankruptcy
Over 1 million households are expected to file bankruptcy this year because of medical bills. Even people with medical insurance are being affected, especially those with chronic illnesses such as cancer, because treatments and tests aren’t always covered. Instead of choosing between medical treatments and basic living expenses, many people are taking out personal loans or using credit cards to pay for expenses.
High medical bills and large amounts of debt are a double whammy for chronically ill people, and their families. Digging out of debt can seem like an impossible task when the bills keep coming in. If you find yourself in this situation, filing Chapter 7 bankruptcy could help you take control of your life, because these debts will be discharged.
Baby Boomers in Credit Card Debt
Many Baby Boomers in West Virginia are falling into serious credit card debt, and carrying larger balances than younger people. A significant percentage of residents over age 50 are using credit cards to pay for daily living expenses, such as housing, groceries, and utilities. They are also using credit cards to pay for prescriptions and dental expenses.
Another reason that Baby Boomers are using credit cards is to pay for car repairs, with nearly half of their debt coming from these repairs. This could be due to hanging onto older vehicles because they aren’t able to take on the financial burden of a new car. Filing bankruptcy could help fix your bad credit, and allow you to purchase a more reliable car.
How to Fix Your Credit after Bankruptcy
If you have filed bankruptcy in West Virginia, and want to rebuild your credit, BankruptcyAutoFinancing.com is here to help! An auto loan is one of the best ways to rebuild your credit. Simply fill out our easy online application and our network of lenders get you into an affordable used car.
Remember we are not lawyers and cannot give legal advice. The situations discussed are only our experiences over the years and may vary with each customer.