Every once in a while, the filing of a Chapter 7 bankruptcy in Pennsylvania or another state marks the end of life for a cherished local tradition. It may be an ancient landmark connoting a significant historical event. It could be an old hotel that catered to the rich and famous, perhaps a favored watering hole and popular night spot, or a restaurant famous to the local people. Although few would like to see it close forever, there are no economic pathways that lead forward, and the announcement is made to close the doors via Chapter 7 bankruptcy.
Most Pennsylvania residents are aware that one of the leading causes of personal bankruptcy is the medical debt that follows a significant illness or injury. However, few understand just how the statistics supporting this claim are gathered. A recent article takes a closer look at how we determine which factors are behind the decision to pursue personal bankruptcy, and the measures in place to ensure that those numbers are accurate.