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Bankruptcy may help to eliminate unpaid medical debt

One of the most prominent reasons that an Illinois resident can run into financial trouble is through medical expenses. These can be due to an unexpected accident or incident, or an ongoing illness or condition. While the government has been seeking ways for people to have health coverage to avoid running into massive hospital bills, these methods are in flux, with confusion as to what will eventually happen. Often, those who are confronted with medical expenses so large that they have no hope of paying them will reference having no health insurance as a reason. There is hope for those who are dealing with this all-too-common issue: filing for bankruptcy.

Research has indicated that more than 60 percent of people who file for bankruptcy do so because of medical bills. This does not necessarily have to be a long-term illness. Even those who have a short hospital stay might find themselves in financial trouble because of missed time at work and the shockingly large costs of the hospital stays, treatment and medications. Other issues come up when people are caring for a sick child or relative.

Medical companies are frequently unreasonable in allowing those who owe to come up with a payment plan they can budget into their normal expenses. That can lead to lawsuits in small claims court in which these medical companies, hospitals and doctors will try to get whatever they can by any means necessary. Small claims are typically those that involve amounts below $10,000. There is a troubling aggression when debt collectors begin calling to get what they are owed. However, there may be the option of filing for bankruptcy. People might be frightened of the prospect, but in many instances, it is their only alternative and it can get them on better financial ground and allow them to move forward, no longer having to look over their shoulders, feel fear about what is coming in the mail, or gnore phone calls.

Many are not aware that medical expenses are unsecured, making them eligible to be discharged when filing for bankruptcy. Understanding how bankruptcy can be beneficial in helping get out of debt is an imperative before moving forward. Speaking to an attorney who is experienced in helping clients who are facing overwhelming medical debt can provide more information and guidance in how best to deal with the situation.

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