An estimated 1.7 million Americans will file for personal bankruptcy this year as a result of their medical expenses. For most observers, this doesn’t come as a surprise. Factors such as rising health care costs, a soft economy, and reduced health insurance coverage are converging to cause serious financial problems for a sobering number of Americans.
What’s more, for every American who declare bankruptcy as a result of unsupportable medical costs, more than 25 more will not declare bankruptcy despite owing more than they can easily pay. While some of these chose not to declare for valid reasons, many others fail to declare bankruptcy because of a lack of information or fear.
You don’t have to feel ashamed about filing for bankruptcy as a result of rising medical costs. In many cases, debtors who filed for bankruptcy do so because of a sudden, sharp increase in costs. An extended stay in the hospital, new and costly prescription drugs, or an expensive surgery hit their wallet at a time they least expect. As a result, filing for Chapter 7 or Chapter 13 is really their only option.
Want to know more about your options in bankruptcy? The dedicated and experienced professionals at Fears Nachawati are prepared to give you the advice you need to make an informed, fear-free choice. Contact our attorneys today for your free consultation.