Paying bills isn't anyone's favorite activity but it is a necessity of life. Some people are even more upset about having to do this each month. These are the people who have more bills than they have money. They are the ones who have high credit card balances, medical bills and other similar debts.
Social Security Disability Insurance (SSDI) is a program that individuals should be able to count on if they have worked hard and then suddenly aren't able to because of an injury or illness.
Having to file bankruptcy will impact various areas of your life, including your credit score. If you are considering filing a Chapter 7 or a Chapter 13, you need to know how yours might be affected. All of these impacts could have a negative pull on your life for a while.
This blog recently discussed the case of the man who was wrongfully identified as deceased and who is now fighting for his disability payments. Fortunately, the man's benefits were restored the day after a local news station reported about his issues. But the big question here is whether anything can be done to help prevent this type of traumatic event from happening in the future.
Student loans are the second highest debt category for consumers. Only mortgages surpass this. However, student loans usually can't be discharged in bankruptcy. The reason for this is that a person has to pass the Brunner test if they are going to have the student loans forgiven through bankruptcy.
People who receive disability payments often live on a tight budget. For these individuals, any disruption in payments can lead to significant financial struggles. There usually isn't room in the budget to save a lot, so being without an income means they might have to do without necessities. On top of that, Medicaid eligibility is usually tied to these payments, which means that if the disability payments cease, medical care coverage will also stop. This can leave them without the care they need to properly manage their health care.