Once you reach a certain range on the balance of your medical bills, bankruptcy looms as the only viable remedy, unless of course you’re one of wealthy few. Exorbitantly-priced medical bills are expected to push 1.7 million American households into bankruptcy this year. This will mark the first time in Florida or elsewhere that medical bills are the single largest cause of consumer bankruptcy filings. Not even credit card debt, the great bulwark of the consumer bankruptcy filings in the 90s and later, will match the magnitude of crushing medical debt being imposed on the consuming public.
Amazingly, studies show that even if you have health insurance you may not be adequately shielded from financial disaster. Based on government records and several private database online services, it’s a fact that medical bills can completely overwhelm a family when a significant illness hits home. Filing a well-timed bankruptcy is by far the most effective relief.
Times are so bad that some people are not taking their medicine just to keep their bills down. Of course, that strategy could end up eliminating all bills for all time by simply eliminating the individual. Or, it could result in increases in hospitalizations and emergency room visits. Not all health insurance will cover basic bills, due largely to high-deductible insurance plans requiring consumers to pay heavy out-of-pocket costs.
It’s estimated that medical-related bankruptcies this year will represent about three out of every five consumer bankruptcy filings. If you’re having problems paying mortgages or credit cards, take a closer look. You may be spending what you need to exist on uncovered medical bills. Also, when a critical illness requires new drugs and innovative procedures, you’ll start racking up a humongous unpaid balance of medicals.
In Florida and nationwide, there are limited ways to handle excess medical expenses heaped on an undeserving consumer. No bill-payment plan or credit counseling program for that matter can eliminate your large medical bills balance quicker and more permanently than a Chapter 7 consumer bankruptcy. To find out the answers to your questions about this remarkable federal legal remedy, consider consulting with an experienced consumer bankruptcy counsel in your locality.
Source: today.com, “Biggest cause of personal bankruptcy: Medical bills,” Dan Mangan, June 25, 2013