When many Connecticut residents think about bankruptcy, they envision a scenario in which an individual has made numerous financial mistakes. In reality, however, it is entirely possible for someone to make all the right choices, yet still require personal bankruptcy assistance. An example lies in a retiree who filed Chapter 13 bankruptcy after facing insurmountable medical debt.
The man worked for decades at an automobile manufacturer. He then pursued another career as a locksmith. However, one day he fell violently ill, vomiting blood. When he sought emergency medical treatment, he learned that he would need a liver transplant. In the end, his medical debt surpassed $100,000.
Living on a fixed income and now in deteriorated health, the man had little choice but to file for Chapter 13 bankruptcy. That choice allowed him to regain control over his debt and finances. While he still needs to maintain a strict budget and look after his health needs, he is no longer saddled with insurmountable debt. He is also moving forward in recovering from his condition and enjoys the support of his adult children.
Many Connecticut residents could benefit from a similar approach. When considering bankruptcy, it is important to understand that financial strain can occur for a multitude of reasons, many of which are outside of an individual's control. Personal bankruptcy is a financial tool that can be used to regain stability, and it is nothing of which to be ashamed. No one should have his or her retirement ruined by financial turmoil, especially when they have worked hard for many decades.
Source: daytondailynews.com, "Wright State's poverty project: Poverty can be brought on by unforeseen problems", Max Milligan, Nov. 2, 2017