Can Medical Bills Cause Bankruptcy? | Finance on Deann Aproach

M??t bankruptcies occur f?r reasons beyond ??r control. A? medical bills continue t? soar t? extraordinary heights, those wh? ??n?t afford adequate health insurance h??? n? ?h???? b?t allocate th??r savings t? vital treatments ?n? procedures. Once th??? individuals r?n out ?f cash, th?? m??t resort t? bankruptcy. Here?s a brief look ?t th? correlation between bankruptcy ?n? medical expenses ?n th? U.S.

Rising Medical Costs
In recent years, medical costs h??? become more daunting th?n ???r f?r struggling families ?n? individuals. According t? a study b? health care consulting firm Milliman Inc., healthcare costs f?r th? average family ?f four exceed ,000. Those forced t? file f?r bankruptcy ?ft?n pay much more th?n thatespecially considering th?t ?n average night ?n a hospital costs nearly ,000.

Health-Related Filings
According t? th? American Journal ?f Medicine, ???t over 62% ?f ??? bankruptcies ?n 2007 w?r? filed b?????? ?f insurmountable medical debtsup fr?m 46% ?n 2001. Aft?r exhausting th??r savings, many people sell th??r cars, jewelry, ?n? homes. Aft?r months ?f trying t? keep up w?th medical debts, th??? individuals h??? n? ?h???? b?t t? resort t? bankruptcy.

H?w Bankruptcy Helps
Bankruptcy ?? a ??rf??t?? legal ?n? h?n??t way t? eliminate insurmountable debtsespecially ?f those debts ?r? ?f a chiefly medical nature. Chapter 7 bankruptcy ??n immediately eliminate m??t debts, including outstanding medical bills, b?t involves th? seizure ?n? sale ?f personal property. Chapter 13 bankruptcy ??n ???? eliminate outstanding debts, b?t ?n?? ?f th? debtor adheres t? a three t? five-year repayment ???n. Before selecting a bankruptcy option, ?t?s always a ???? ???? t? speak w?th ?n experienced bankruptcy attorney.

Millions ?f Americans ?r? ???t one illness away fr?m financial r??n, despite being ?n general ???? health ?n? obtaining th? best health insurance possible. In case ?f medical emergencies, h?w???r, th? law permits bankruptcy ?? a strong safety net. If ???r medical bills ?r? becoming insurmountable, consider bankruptcy ?? a solution t? ???r financial problems. Y?? ??n contact Gary Brenner Law Offices f?r ?n? further q???t??n?.

Source: http://www.deannaproach.com/can-medical-bills-cause-bankruptcy/

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