Medical emergencies can occur at any time, leaving even those with health insurance facing massive, unexpected bills they cannot afford. Because most American households lack the resources to handle any type of financial emergency, the costs associated with a medical emergency can be economically disastrous, especially for families already struggling to meet their obligations. For thousands of American households, bankruptcy provides the only avenue out from crushing medical debt.
How Medical Debt Pushes Millions Into Bankruptcy
Due to high costs and the unpredictability of medical emergencies, health care is one of the few situations which can result in tens or even thousands of dollars in unexpected debt. Even after the passage of the Affordable Care Act, nearly 20% of Americans with health insurance experienced difficulty paying off their medical expenses. The problem is even worse for the insured, 53% of whom cannot pay their outstanding medical bills.
The Financial Dangers of Medical Emergencies
Although long-term treatment for chronic medical conditions is costly, those who suffer one-time medical emergencies may be even more financially vulnerable. In many cases, these individuals and their families are unprepared for the costs of treatment after an accidental injury or acute illness, which can compound other financial problems. According to some estimates, medical expenses contribute to up to 25% of bankruptcy filings.
How Bankruptcy Can Help
Both chapter 7 and chapter 13 bankruptcy petitions allow borrowers to discharge most unsecured debt, including all outstanding medical bills. For many families unable to pay the costs of life-saving health care, bankruptcy may represent the best way to relieve the financial pressure of unmanageable medical debt and get a fresh start.
If you’re struggling under the weight of crushing medical debt, the bankruptcy attorneys at Bueker Law Firm have the experience to help you reclaim your life. As one of the Little Rock, AR, area’s most respected bankruptcy firms, they provide every client with dedicated attention and unmatched expertise through this difficult process. Learn more about your bankruptcy options online, follow their Facebook for more insight, and call (870) 673-1313 to speak with an accomplished attorney.