How Crippling Medical Debt Contributes To The Growing Bankruptcy Problem

How Filing For Bankruptcy Can Put An End To Your Medical Debt Problems In Arizona

Medical debt is one of the biggest contributors to bankruptcy filings. There are a lot of reasons that people can get into financial trouble and seek bankruptcy protection. Some people get too easily swayed by the ease and convenience of credit card purchasing. Some people lose a job and aren’t able to find another quickly. Some people get divorced and struggle to put together their financial lives. Some are already struggling with these issues, and then they are made worse by medical debt, while others just sink into debt because of medical costs.

It is important that you talk to an experienced Ahwatukee bankruptcy attorney as soon as you can when you realize that you are struggling with debt. Attempting to pay off the debts or find other strategies to deal with the problem on your own can only prolong the problem, making it worse by incurring interest and penalties and maybe even pushing you to take on loans and other debt. Filing for bankruptcy protection in Glendale can put an immediate end to your debt problems.

High Medical Costs

One reason that medical bills are contributing so heavily to Avondale bankruptcy filings is that medical care just costs so much. If you’ve ever had to see a doctor without insurance coverage, you know this. Even a “simple” visit to get checked out for a cold or infection can cost you hundreds of dollars between the medical visit and the medications prescribed. If you don’t have insurance for a long time, you can easily rack up the medical bills until they become overwhelming.

You don’t need to sacrifice your health or your finances. You can get the medical care you need and then protect your finances through filing for bankruptcy.

Long-Term Medical Care Can Increase Your Bills

Medical bills can add up just from routine visits, but most people end up saddled with high medical costs because of a bigger problem. They get into a serious car accident that requires surgery or ongoing physical therapy. They get cancer and have to get chemotherapy or radiation. They quickly get tens of thousands of dollars in medical debt – if not more.

Even if you have insurance, these kinds of medical bills can add up if you are seriously injured or become ill. Insurance doesn’t cover some treatments, and many have limits to how much they will cover. Many people end up selling their house or other belongings just to pay off their medical bills. You don’t have to do that. You just need to talk to a good Gilbert bankruptcy attorney about your options.

Medical Costs Continue To Rise

The situations that can lead to big medical bills will not end, nor will the costs of medical care come down any time soon. In fact, trends have shown that the cost of medical care has only continued to rise -and dramatically so. Data from the Peterson-Kaiser Health System Tracker showed that medical costs were $3.6 trillion in 2018. They rose from $355 per capita in 1970 to $11,172 per capita in 2018.

There are no signs that will be different any time soon. You may be able to protect your finances and your health by shopping for better health insurance or signing up for programs that can bring your costs down, such as prescription discount programs, but you cannot protect against the possibility that you will get seriously ill or injured entirely. There may come a day when you, too, will have insurmountable medical bills. Instead of raising money from strangers on the Internet or trying to sell your house or other things, you can get debt relief by filing for bankruptcy in Tempe.

Contact Our Bankruptcy Attorneys To Overcome Your Medical Debts In Phoenix, AZ

Call My AZ Lawyers today to talk to a bankruptcy lawyer about your options if you are struggling with overwhelming medical debt or other debts. We represent clients in both Chapter 7 bankruptcy and Chapter 13 bankruptcy, depending on your circumstances and which would give you the maximum benefits. We’ll help you understand how they differ and help you choose which will give you maximum debt relief. We represent clients throughout the Mesa, Phoenix, Glendale, Tucson, and Avondale areas. Contact us today to schedule an appointment with a bankruptcy lawyer to learn more.