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Medical Debt Archives

Solutions to Crushing Medical Debt

Solutions to Crushing Medical Debt.jpgThere isn't a person in this country who wants to have a serious medical condition, suffer a traumatic injury, or require ongoing medical treatment. Beyond the physical and emotional tolls that come with medical ailments, medical care is expensive. In fact, medicine and medical treatment is routinely more expensive in America than anywhere else. Even with insurance, medical debt can quickly spiral out of control for anyone and can become completely unaffordable.

Are Medical Bills Dischargeable in Bankruptcy?

Are Medical Bills Dischargeable in Bankruptcy.jpgHealthcare is expensive, ridiculously expensive. Regardless of how much money you have saved or how solid your finances are, unexpected medical expenses can absolutely devastate your best-laid plans. This is particularly true when you are under-insured or if your health insurance denies coverage of a claim. All of a sudden, you can find yourself faced with tens of thousands of dollars in medical bills and hospitals harassing you for payment.

Retirement and Medical Costs Top List of American's Financial Concerns

When contemplating retirement, many New Jersey residents likely look forward to traveling, playing golf and spending winters in a more temperate climate. Retirement has long been considered a time when, after years spent working, individuals are finally able to relax and take time to enjoy their golden years. However, for a growing number of Americans the financial security previously enjoyed by retirees of past generations appears to be less certain or attainable.

Medical Bills Reported as #1 Cause of Personal Bankruptcy

We recently discussed the link between healthcare costs and bankruptcy in our blog titled "Medical Issues Can Lead to Bankruptcy." According to CNBC, recent studies by NerdWallet Health, show startling statistics revealing that healthcare is the leading cause of personal bankruptcy filings. It is estimated that medical bills will contribute to approximately 1.7 million people seeking bankruptcy relief in 2013, surpassing credit card debt or foreclosures as the cause of financial hardship. In its study, NerdWallet Health analyzed data from the U.S. Census, Centers for Disease Control, the federal court system and the Commonwealth Fund. The report estimates that in America in 2013:

Medical Issues Can Lead to Bankruptcy

A recent study performed by researchers from the Fred Hutchinson Cancer Research Center in Seattle revealed that cancer patients were twice as likely to file for bankruptcy as individuals without cancer. The report linked bankruptcy court records and information from the regional cancer registry on about 200,000 cancer patients, and compared them with a similar group of people from the same area who did not have cancer. Young people with cancer experienced the highest bankruptcy rates, the study found, up to 10 times the rate of bankruptcy filings among older age groups. All major medical problems lead to costly bills, even if you have insurance. According to a report released by the Center for Studying Health System Change in December 2011, one in five American families was having trouble paying off their medical debt in 2010.  As a result, many of these families were considering filing for bankruptcy protection. In a Chapter 7, the majority, and usually all of your debt (including medical bills) is discharged or eliminated.  For somebody who has stayed in the hospital for any length of time or otherwise incurred a massive amount of medical debt, discharging thousands of dollars can be a huge relief. For information on qualifying to file a Chapter 7, please read our blog titled "What is the Chapter 7 Means Test?" In a Chapter 13 filing, medical bills are treated the same as other unsecured debts.  This means that the debtor pays a percentage of what is owed, which is usually a very small amount, if anything. Again, this can save you a significant amount of  money. If you are drowning in medical debt, contact Levitt & Slafkes, PC to learn what options are available to you. If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, PC, at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.

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