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
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.