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When Bankruptcy Can Help You Deal with Medical Debt

Posted By Allmand Law Firm, PLLC || 12-Feb-2014

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Medical bills continue to be one of most common reasons why consumers file bankruptcy. Even if you have health coverage it can be challenging to pay co-pays for doctor visits, prescription medications, and make payments on bills your insurance did not cover. Millions of Americans continue to juggle their finances by trying to make their money stretch to take care of other obligations such as credit card debt, mortgage & vehicle payments, utilities, groceries and so on.

Bankruptcy can help reduce the burden of paying debt obligations depending on which chapter is filed. Chapter 7 bankruptcy eliminates or discharges unsecured debts such as credit card bills, personal loans, and medical bills. Chapter 13 bankruptcy reorganizes debts into an affordable monthly plan that allows debtors to make payments based on their income ability. Chapter 13 also helps stop foreclosure, repossession and disconnection of utilities.

When you or a loved one is dealing with an illness or other health concerns, the last thing you want to worry about is how bills will be paid. This is when an experienced bankruptcy attorney may be able to help you find an appropriate solution to your situation. There are other situations that may have you thinking about bankruptcy such as job loss and determining how to maintain health insurance coverage that is no longer sponsored by an employer.

If you are dealing with medical debt or find it is becoming increasing difficult to make necessary monthly payments because of medical bills, discuss your situation with a bankruptcy expert.

Reference: http://www.totalbankruptcy.com/overview/basics/medical-debt-bankruptcy.aspx

Categories: Medical Bills
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