According to US Courts, there were 9,576 personal Chapter 7 Bankruptcy filings in 2013 in Massachusetts. Those people got a “fresh start” under the law. Unfortunately, they might have received something else alongside. While it was often noted that there were a number of folks who filed for personal bankruptcy that had mental health issues, including depression, now there is evidence of physical health issues as well.
Recent studies show that there is a correlation between debt and physical health. Researchers from Northwestern University in the Chicago suburb of Evanston, Illinois and McGill University in Montreal, Quebec, Canada have found that young adults, those between the ages of 24 and 32, with a large amount of debt had higher blood pressure than others. Increasing blood pressure, even just by two percent, raises the risk of stroke, hypertension, and heart attack. The study also shows that people living in debt are more likely to suffer from mental illness and depression. Symptoms of depression can increase almost fourteen percent with every ten percent rise in debt, according to the study.
The average American with debt owes over $15,000 to their credit card lenders, over $154,000 in a home mortgage and over $33,000 in student loans. Mounting debt is correlated to physical and emotional stressors.
Stress and Bankruptcy Advice
Dealing with debt and coming to the realization that filing bankruptcy is a reality can be incredibly stressful. You may get to the point of contemplating taking money out of your 401(k) account to pay credit card bills or borrowing money from a family member to pay the mortgage on your home. If you feel like those types of options are the only ones left, begin seeking out bankruptcy advice. Filing for Chapter 7 personal bankruptcy may be an option that leaves your retirement and home equity and still discharges all your consumer debt. We have helped clients for almost 30 years who are filing bankruptcy for any number of reasons.
Imagine how much less stress you may have in your life if your debt was not looming over your head. Imagine if creditors stopped calling. Imagine if you didn’t have to decide if between making a credit card payment and buying groceries.
Hire an Experienced Bankruptcy Attorney
Hiring an experienced bankruptcy attorney can make a world of difference. Attorney Neil Burns has been practicing law since 1985, and has helped hundreds of families get a fresh start, with a clean slate, and with keeping their homes and retirement accounts.
We work diligently to make sure you and your family receive every possible exemption to retain as many assets as you can, including your home, vehicle, 401(k), and rollover IRA account. There is always a free consultation!
Don’t put your physical, mental, or financial health at risk one day longer. Call Attorney Neil Burns today at 617-227-7423!
