In part 5 of this series we discuss medical expenses which is the most common reason for filing bankruptcy. A recent Harvard University study showed that medical expenses account for approximately 62 percent of personal bankruptcies in the US. Interestingly, the study also showed that 72 percent of those who filed for bankruptcy due to medical expenses had some type of health insurance, thus debunking the myth that only the uninsured face financial catastrophes due to medical-related expenses.
Are you overwhelmed by the burden of excessive debt due to medical bills? If so, contact a Bankruptcy Attorney at 636-724-3355 or visit us at www.bankruptcysolo.com to schedule your no-cost consultation with an experienced bankruptcy attorney.
Medical Bills and Bankruptcy
The continued rising costs of medical care, including prescription costs has placed a significant strain on a number of Americans including those with health insurance. A recent study continues to identify medical bills as one of the leading causes of bankruptcy. The study also indicated that unpaid medical bills may surpass mortgage debt and credit card debt despite more people getting access to healthcare insurance.
High insurance deductibles, copays, and medical costs make it difficult for families to manage necessary household needs and put further stress on finances.
Are you overwhelmed by the burden of medical bills and expenses? Contact The Wibbenmeyer Law Firm LLC at (636) 724-3355 to meet with an experienced bankruptcy attorney for a no-cost consultation where you can discuss your options for alleviating the burden of debt.
Source: Fox Business News
Brandee D. Iannelli
St. Charles and St. Louis Bankruptcy Attorney
St. Charles and St. Louis Missouri Bankruptcy Attorney