Studies show that medical debt is the leading cause of bankruptcy in our country, as evidenced by the trending search phrase “problems paying my medical bills.” For the millions of Americans struggling with this burden, filing for bankruptcy with a local attorney can be a tool for gaining financial freedom. Read on to learn how Chapter 13 bankruptcy can help get rid of medical debt.
If you’ve visited a doctor’s office or hospital lately, it will come as no surprise that the New York Times recently called the United States “the most expensive place in the world to get sick.” The financial reality of health care in this country is that even if you are covered by health insurance, confusing charges from multiple doctors and facilities, outrageous deductibles, and only partial coverage of illnesses and procedures can cost tens of thousands of dollars.
So it will also come as no surprise that a staggering 42.9 million Americans owe money on a medical bill. For Orlando families who face a mountain of medical debt, one solution for these expenses, which often result in a complete drain of savings accounts, is to consult a medical bill bankruptcy attorney for a possible Chapter 7 bankruptcy or Chapter 13 repayment plan for medical debt relief.
Filing for bankruptcy protection in Florida does not mean that your medical bills will disappear; the court will approve a plan that allows you to pay your creditors back over time. The amount you will pay, however, often ends up being a much smaller percentage than what you owe.
When you file bankruptcy to get rid of medical bills, you get to keep your house and car as long as you continue to make payments on them. If your income is high and you are required to file a Chapter 13 bankruptcy, all unsecured debts, like medical bills for doctors, hospitals, labs, surgery centers, dentists, and other health care providers are discharged at the end of your repayment term.
If this sounds like you and your family, please know that you are not alone. Crushing medical debt is a common – and fixable – situation for those who have faced unexpected illness, a sudden accident, or chronic health problems. Call our Orlando law office and let us help you file for Chapter 13 bankruptcy. Our expert bankruptcy attorney Jeff Badgley will guide you and your family through your unique financial situation. Jeff Badgley can be reached at 407-781-0420 for a free, no-obligation consultation today.