Medical Bills Are Leading Factor In Bankruptcy

Over the last ten years, healthcare reforms have targeted lowering the out of pocket costs of healthcare. Research shows that medical debts and expensive medical bills are one of the leading causes of bankruptcy filings in the United States. In fact,  over 60 percent of personal filings come as a result of unmanageable medical bills. To make matters worse, these medical bills are often unexpected and come at a time when job loss is an all time high.

Say Bye To Medical Bills

Fortunately, medical debt is one bill that can be easily addressed and balances erased through bankruptcy. Filing for bankruptcy to remove debt caused by medical bills is a viable option for patients and their loved ones in a number of different situations. In order to be discharged through bankruptcy, medical bills must meet certain criteria. For example, a medical debt that is less than $600 and at least 180 days old has a higher probability of being discharged. In addition, the patient must have incurred the medical bills with the intention of paying them. Also, the patient must be current on all bills that are not related to medical expenses.

When a patient is unable to pay medical bills due to the unexpected medical costs, filing for bankruptcy is a viable solution. Bankruptcy can eliminate your medical debts and can relieve you of the financial stress associated with these bills. This gives you the opportunity to focus on recovery and recuperation instead of financial hardship. Bankruptcy may lead to a fresh start. The process of filing for bankruptcy can be complex. If you are interested in knowing if medical debts can be discharged through bankruptcy, contact a Houston bankruptcy attorney for help. Your attorney can help you determine if bankruptcy is an option for you.