Going through an emergency with your health or the health of a family member can be a very stressful situation. One of the unfortunate aspects of going through a medical tragedy is that you will also have the stress of paying for treatment and recovery as well. Many people that experience problems with their health are often faced with large medical bills which can be unexpected and crippling to their finances. There are many people that end up having to borrow a large debt or even file for Chapter 7 bankruptcy in order to receive relief from their debts.
One out of every eight patients in the United States had to borrow money to cover a medical bill within the past year. Around 25% of these patients had to make a significant change in their financial spending habits in order to cover their debts for medical treatment.
Medical debt is one of the most common reasons for a personal bankruptcy. Around 45% of the American public have an ongoing fear that they may develop an ongoing health issue that could drive them into debt for a poor financial situation.
Although borrowing money to pay off these debts can feel like it necessity this is often a short-term relief to paying off some of this debt. Taking on more debt at a lesser interest rate is not a long-term solution as there is an ongoing need to pay back that back. Sometimes the best way out is to access chapter 7 bankruptcy. This can help you to deal with a series of medical bills and debts that you may be unable to repay.
If you would like to learn more about Chapter 7 bankruptcy and how you can relieve your medical debts, contact our team of bankruptcy attorneys today. We can make the process of handling your debts easier.
This post was written by Trey Wright, one of the best bankruptcy lawyers in Tallahassee FL! Trey is one of the founding partners of Bruner Wright, P.A. Attorneys at Law, which specializes in areas related to bankruptcy law, estate planning, and business litigation.
The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.