By percentage of its economy, the U. S. spends twice as much on health care as other advanced industrialized countries, although just a few decades ago our spending was about the same. So what happened? Are we just using more healthcare or are our facilities nicer? Although, there may be some truth in those ideas, by and large, the reason we spend more is because Americans have to pay more for health care. The prices have just gone up
A recent study in JAMA by scholars from the Institute for Health Metrics and Evaluation in Seattle and UCLA reveal price is the culprit that results in so many Americans spending their hard earned dollars on personal healthcare, not necessarily more care or improved facilities. In fact, researchers found that American personal health spending increased by roughly $930 billion between 1996 and 2013, outpacing overall economic growth.
Costly day to day healthcare expenses are enough, but if a medical emergency strikes, many of us do not have additional funds tucked away to cover urgent care expenses when they arise. Many are forced to divert what was allocated for mortgage or car payments to handle the immediate problem, often resulting in snowballing delinquency.
It’s no wonder then that medical bankruptcy is on the rise. With ordinary and emergency healthcare costs skyrocketing along with costs of insuring a family, many are struggling to keep up which is where bankruptcy protection enters the picture for many. Bankruptcy can put a stop to creditor harassment or stop the foreclosure of a home, while families consider how to move forward when medical bills get the best of them.
While chapter 7 bankruptcy offers consumers an opportunity for a clean slate, some families who consider bankruptcy may wish to reorganize their debt under a chapter 13 bankruptcy in order to keep their home or other assets so they can simply catch up after incurring unexpected expenses. Evaluating the pros and cons of either approach can help families decide if bankruptcy is a good solution for their financial difficulties.
Bankruptcy Can Tackle Medical Bills
Peoria (IL) Debt Relief
If you struggling with a difficult financial situation from medical bills or other debt, consider contacting an experienced Illinois bankruptcy attorney to get more information. Being proactive will allow you to look at various options, including a fresh start bankruptcy, so you can determine what is the best strategy for you and your family. Contact Peoria Illinois bankruptcy lawyer Charles E. Covey for answers to your questions regarding chapter 7 or chapter 13 bankruptcy today at 309-674-8125.