Many Americans worry that an unforeseen health crisis could result in financial ruin. In fact, over 50 percent of Americans fear that a major medical issue could lead to bankruptcy according to a recent Gallup poll. The pandemic has only heightened concerns, as more men and women contemplate what would happen if they ever face a costly medical emergency.
Fifteen percent of Americans surveyed said they know at least one family member struggling with medical debt, with no clear resolution in site. Of course those with fewer means are hit hardest – households earning less than $40,000 are four times as likely to carry long term medical debt when compared to families making more than $100,000. Many resort to using credit cards or borrowing money from a family member to make ends meet, often exacerbating an already difficult financial situation.
Many facing a cycle of accumulating medical debt consider bankruptcy protection to stop creditor harassment while liquidating unsecured debt including medical bills and credit card debt so they can get a fresh start following a costly medical issue. The first step for many is to visit with an experienced bankruptcy attorney to get more information regarding their eligibility, what property they can exempt, or what is the best time to file in order to liquidate the maximum amount of debt. If you have questions regarding medical bankruptcy, contact the Peoria bankruptcy law offices of Charles e cover for more information today at 309-674-8125
