Definition of catastrophic


Z

Zootal

What defines a catastrophic financial "incident"? Is there a set ratio of
income to debt, for example, say I get stuck with medical bills in the six
figure range. How much more then my annual income does it take?
 
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J

JoblessDave

Zootal said:
What defines a catastrophic financial "incident"? Is there a set ratio of
income to debt, for example, say I get stuck with medical bills in the six
figure range. How much more then my annual income does it take?
If you need an operative definition of a term you have to check the source
of the term. I've never heard "catastrophic financial incident" used in the
bankruptcy context.
 
J

Johnny

Zootal said:
What defines a catastrophic financial "incident"? Is there a set ratio of
income to debt, for example, say I get stuck with medical bills in the six
figure range. How much more then my annual income does it take?
Catastrophic, imo, is when you can not pay your bills according to the terms
of the contractual obligations you had before the financial catastrophe
occurred.
 
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G

Gene

What defines a catastrophic financial "incident"? Is there a set ratio of
income to debt, for example, say I get stuck with medical bills in the six
figure range. How much more then my annual income does it take?
It can all depend on what you make, and your bills currently when the
medical bills hit...

I'd say "Crippling" is 10X your yearly wage. 30X would be "Imposisble"
and 50X would be catastrophic.
 

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