Almost every bankruptcy case we handle includes medical bills. Some are from hospitals and doctors, others are on charge cards. I’m including co-pays in the credit card charges because many people must charge co-pays to obtain the medical services.
It’s hard to make ends meet with high prescription costs not covered by insurance, Medicare, or Medicaid.
It’s costly to get divorced. Many couples stay together because they can’t afford to live separately. Separate households take away disposable income and put stress on both budgets.
If you haven’t bought a new or used car or truck recently, get ready for sticker shock. And not just from the purchase price alone—the monthly payments may exceed rent or house payments. The typical monthly car / truck payment I see is over $600, not including insurance.
You may have a fixed mortgage and escrow your taxes and insurance. Only the mortgage remains the same. Taxes and insurance generally increase every year, changing what you budgeted at the start.
Repossession & Foreclosure
When car/truck payments get behind, it’s hard to play catch up. Two months behind may trigger a repossession that creates the worst of all worlds—no car and a huge deficiency. The same is true with house payments. Two months behind, and you’re calling the mortgage company for help. Some give it, others don’t.
Everything was fine if everyone is working. But a layoff or termination changes everything. And, unemployment payments don’t nearly cover expenses.
Besides the moving cost itself, moving involves hidden costs like rent, utility deposits, and other relocation fees.
With little savings, a tire blown out, motor repair, storm/ hurricane damage, or medical bill can wreck a budget.
Fines & Penalties
A DUI costs thousands of dollars for lawyer fees, court costs, and increased insurance costs.
If debt is making you feel overwhelmed, we’re here to help put your mind at ease. Contact Kelley, Lovett, Blakey & Sanders at 1-800-371-4188 or fill out the easy-to-use contact form on our website. With over 30 years of experience and three locations across Georgia, we are the experts in strategically guiding you toward financial freedom.