How Bankruptcy Can Help Medical Bills
Many studies have been conducted over the years to determine what forces the honest, but unfortunate, person to file bankruptcy. Despite a strong financial plan, conservative spending and a large savings account, a single medical emergency can wipe out years of planning and saving. When something like this happens, bankruptcy may be able to help you free yourself from substantial medical debt.
At The Law Offices of Philip F. Counce, our team knows the hardships that medical emergencies can leave us with, and we know how to help you use the tools at your disposal to overcome your financial hardships. Bankruptcy is not something that people should avoid, it is something that anyone can benefit from, no matter the cause of needing it.
Cause Of Many Bankruptcies
A large amount of medical bills can be accumulated for many reasons, such as accidents or serious medical conditions that outstrip your health insurance coverage, leaving you owing large, uncovered amounts to numerous providers. The high cost of medical treatment and prescription drugs frequently exceeds one’s ability to pay, subjecting you to harassing calls and even lawsuits, wage garnishments and levies.
You might prefer to force repayment terms on these medical providers by filing Chapter 13 bankruptcy or eliminating these medical bills through a Chapter 7 bankruptcy.
Medical Treatment After Bankruptcy
Many fear that their doctor will refuse to see them if they include their debt in a bankruptcy; however, we have found that doctors understand your situation and largely continue to treat you expecting to receive payment from insurance.
Common Mistakes To Avoid
People often risk losing their home and property to pay medical bills. Do not put your home in jeopardy by refinancing or taking out mortgages to pay medical bills. Do not withdraw money from your retirement accounts that are exempt or run up your credit cards to unsustainable amounts to pay medical bills. Bankruptcy is frequently a much better option as it allows you to keep your property.
Let Us Help You Fight Your Medical Debt
Medical expenses can consume all of your extra monthly income and leave you with no resources to benefit yourself and your family. If you are struggling with massive medical debt, come meet with our committed team to help you overcome your debt.
3333 Poplar Ave. – just West of Poplar & Highland – Free Parking
We are a Title 11 debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. This ad does not create an attorney-client relationship until a written agreement is signed.