A study from American Cancer Society reveals that costs for prescription drugs to treat cancer, rheumatoid arthritis and multiple sclerosis among other illnesses can cost patients tens of thousands of dollars each year, whether they are insured or not.
An estimated 137 million American struggle with financial hardship because of medical bills, many draining their savings accounts, taking out second mortgages, and cutting their spending just to afford the medicine they need. Sometimes it can boil down to a choice between buying groceries or life extending medicines.
Whether it is medical expenses, a job loss, or an emergency home repair, an unexpected change in your financial situation can be downright scary and incredibly stressful. It is important to take a step back and carefully evaluate your situation so you can make the right decisions.
If you are facing a financial emergency, it’s about making the right choices when you are trying to stay financially afloat now and later. Before you take out a line of credit on your home or liquidate your retirement account, it is important to get more information.
Working with an experienced bankruptcy attorney at the first sign of trouble, may help you to avoid making costly mistakes that could put your home or retirement savings at risk if financial uncertainty lays ahead. In some cases, a Chapter 7 bankruptcy may provide relief from unsecured debt such as credit cards or medical bills while allowing you to continue making payments on your home or retaining your car so you can get back and forth to work. Alternatively, a Chapter 13 can provide a workable repayment program.
Knowing what protection is available to you, what it takes to qualify, when is the best time to file, and what assets you can protect in the process will help you make the best choices as you work through an unexpected medical event or other financial hurdle. Getting the information at the first sign of trouble can help you make the best decisions moving forward.
h2>Overwhelmed by Medical Bills?
Contact an Illinois Debt Discharge Attorney for Help
Many bankruptcy attorneys offer a free consultation where you can discuss your unique circumstances and ask questions. If you are in a difficult financial situation, we invite you to call Illinois debt relief attorney Charles E. Covey to set up a free initial consultation to go over your debts to decide if bankruptcy protection might be a strategy for you.