Lynch Law Offices, P.C.
Free Initial Consultations
Toll Free: 800-491-7493
Menu Contact

A Family Approach To The Law

Medical debt continuing to factor into personal bankruptcies

As our Chicago-area readers know, medical debt can be a real thorn in the side of a healthy financial picture. Everyone has bills to pay, such as mortgages and car payments, but medical debt can be especially overwhelming because of its unpredictability and ability to increase seemingly exponentially.

One major issue with medical debt is that it is not always reported accurately. In fact, according to the National Patient Advocate Foundation, medical bills have a disproportionately high error rate; thus, incorrect information is more frequently reported to credit reporting agencies, which can unfairly batter a person's credit worthiness -- making it more difficult to obtain loans and putting people in precarious financial situations.

It may be that people believe they will be taken care of if they health insurance. This may be true to a point, but in the long run, Americans are still paying huge amounts out of pocket for their medical care. While private insurance and government programs do take on some of the burden, consumers are still left having to cover a lot of the costs -- around a trillion dollars in a given year, in fact.

Many people elect to file for bankruptcy when they are confronted with large amounts of medical debt. For some, this is by far the best option so that they can maintain their homes, cars and other essential parts of their lives. Experienced bankruptcy attorneys can advise people in the Chicago area who are considering taking this important, and sometimes essential, step.

Source: The Hill, "New healthcare gorilla in America: Patient medical debt," Nancy Davenport-Ennis, Feb. 28, 2014

No Comments

Leave a comment
Comment Information

Contact Any Of Our Five Convenient Illinois Locations

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response
Toll Free: 800-491-7493
Fax: 888-691-8337

Lynch Law Offices, P.C.
1011 Warrenville Road
Suite 150
Lisle, IL 60532

Toll Free: 800-491-7493
Fax: 888-691-8337
Map & Directions

Available to meet throughout Will and DuPont Counties