Struggling with overwhelming medical debt?

It is now common knowledge that more Americans file for personal bankruptcy due to overwhelming medical debt more often than any other kind of debt. The reasons behind this trend are upsetting and relatively simple. First, medical bills can be extraordinarily expensive, even for a single day's worth of care. Second, even the most financially stable individuals may watch their income be quickly wiped out if their family is struck by a severe and unexpected illness or injury. If you are struggling with mountainous medical debt, please understand that you are not alone in your plight and that options do exist that can help your situation.

It is important that you review all medical bills that arrive in your mailbox for accuracy. It is possible that not all of the charges being billed to you are actually associated with your care. In addition, it is important to contact an experienced attorney as soon as you know that you have insufficient income to pay these bills. Your attorney may be able to negotiate with your medical creditors to reduce your amount due, set up a payment plan and otherwise modify your bills to make them more manageable.

In addition, it is important to know that medical debt is dischargeable in bankruptcy. If your debt is significant enough, filing for bankruptcy may be the wisest choice you can make under the circumstances. Though your credit score will initially take a hit, it will rebound and improve significantly over time provided that you engage in good consumer behavior.

An unexpected and extraordinarily expensive illness or injury can happen to anyone. If this situation is affecting you or your loved ones and you just cannot seem to dig out of the medical debt you owe, please contact an experienced attorney who can help you navigate your options.

Source: Fox Business, "Getting Rid of Old Medical Debt," Erica Sandberg, Oct. 28, 2013