Medical Debt: Leading Cause of Filing For Bankruptcy

: Chris Lee Law Firm

  Filed under: Medical Debt

medical debtIf you’re filing for bankruptcy, chances are it’s because of medical debt.  For the last few years, various studies have attributed medical debt to more than 60% of bankruptcy filings!  That number is flooring!  However, change is slow – especially in the medical industry, and that figure is showing no signs of decreasing.  For those who struggle with medical debt, filing for bankruptcy can provide relief.

Should You File?

We hesitate to advise anyone to file for bankruptcy without having heard their individual case.  You should always contact a trusted bankruptcy attorney before you proceed with filing.  However, if your medical debt presents an overwhelming financial burden, you can file.  And, chances are, you should.

The bankruptcy courts exist to provide sanctuary for those who face undue financial hardship.  If you are struggling under the weight of your debts, getting those debts discharged by filing for bankruptcy could be exactly what you need.

Did you know that more than 92% of medical debt-induced bankruptcy cases, the medical debt alone exceeded $5,000 OR 10% of the family’s pre-tax income?  Those are some high figures.  However, when it comes to filing for bankruptcy, the numbers don’t matter.  What matters is your ability to pay.  Your debt may not be $5,000, but it could still constitute undue hardship.

Don’t let yourself be discouraged by medical debt any longer.  You don’t deserve to live like this.  Get the peace you need, and talk to your bankruptcy lawyer about filing today!  You won’t regret it!

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