Are Medical Bills Causing You To Drown In Debt?
February 26, 2020
Medical bills are one of the leading causes of bankruptcy in America. If you have medical bills that are causing you to drown in debt, the financial hardship can put a strain on every area of your life. When you are unable to manage the cost of medical bills on top of your monthly budget, stress can cause much anxiety in your life, your relationships, and your job. Medical bills are classified as unsecured debt, which means you may have the option of filing for bankruptcy to relieve your financial pressure.
Colloquially referred to as “medical bankruptcy” when the bulk of the debt is related to medical costs, filing Chapter 7 bankruptcy may be your best option. A Chapter 7 bankruptcy allows you to discharge most, if not all, of your unsecured medical debts. The difference in medical debt and other forms of debt is this: you have the personal choice whether or not to purchase something on a credit card; you do not have the choice of whether or not to fall ill and incur expensive medical bills.
Before filing for bankruptcy for medical debt, this option should be considered thoroughly. Filing for any type of bankruptcy should be seen as a last resort, even when you face substantial medical debt. For many people, negotiating a payment plan with the health care provider or hospital where you incurred debt is more beneficial. Remember, bankruptcy will be on your credit score for up to ten years, and it is seen as a big red mark against you.
If you are consumed with medical debt and bills keep coming in, bankruptcy may be the best option for eliminating this overwhelming debt. Contacting a trusted attorney such as George R. Belche, Attorney at Law, is going to be your most beneficial decision. You simply cannot go into potential bankruptcy without knowing and understanding the process.
George R. Belche, Attorney at Law
Lawrenceville, GA 30046