Chapter 7 for medical debt Archives - Page 2 of 2 - Peoria Bankruptcy Lawyer Charles Covey

Bankruptcy Protection for Retired Americans

December 31, 2018

Today, the average household headed by those 60 years of age and older carries more than $55,000 in debt. Fifty percent of Americans 75 and older not only have some form of debt to tackle, but 25 percent are still chipping away at mortgage debt putting them in a potentially precarious position. Perhaps the most surprising statistic is that older Americans between the ages of 60 to 69 acquired more student debt in the last decade than younger people ages 18 - 29 adding to their overall debt … [Read more...]

When Health Insurance is Not Enough

November 16, 2018

Americans purchase health insurance to avoid financial ruin in the face of a catastrophic illness. However a recent survey of people who have had medical emergencies show that health insurance seldom offers the financial protection many had hoped for. Unfortunately, most people do not know what they are in for when they turn to insurers in a medical crisis. More than a third of people that fall seriously ill wind up spending most of their savings while they are sick and get behind on just … [Read more...]

Older Americans Filing Bankruptcy Protection Sooner Than Later

August 26, 2018

The rate of older Americans filing bankruptcy at age 65 and up is three times what it was in 1991. A perfect storm of declining income, reduced savings, increased out-of-pocket spending on healthcare and a shrinking social security safety net, has many older Americans seeking bankruptcy to stave off creditors and stay afloat. (Read Abstract: Graying of U.S. Bankruptcy: Fallout from Life in a Risk Society) However, many older Americans tend to wait too long to file bankruptcy. Only after they … [Read more...]

Recovering From Illness or Injury Impacts Finances

May 30, 2018

Many people that carry health insurance do so to protect themselves from the economic risks of a serious health event; however, a recent study shows that despite having health insurance, incidences of illness or injury can wreak havoc on the finances of Americans leading some to file for bankruptcy protection. In California for example, people between the ages of 25 and 64 are at an increased risk for bankruptcy following hospitalization. Even though many have health insurance to help cover … [Read more...]

Bankruptcy Helps Families Tackle Medical Bills

January 27, 2018

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 … [Read more...]

Bankruptcy Filings Up for Seniors

November 20, 2017

Bankruptcies for people 65 and up is on the rise, making up roughly 8 percent of all bankruptcy filers - an increase over previous years. A few factors likely contribute to the fact that older Americans are turning to bankruptcy for debt relief. For one, the recession of 2008 hit the demographic hard. Many Americans who were poised to retire were instead looking at their savings to make ends meet or trying to return to the workforce to weather the unanticipated financial hit, sometimes … [Read more...]

Liquidating Medical Bills in a Chapter 7 Bankruptcy

October 19, 2017

The rising cost of healthcare and the growing number of under insured or uninsured Americans has resulted in many people struggling with medical debt. Unanticipated medical expenses can strike when you least expect it and many do not have sufficient emergency funds to cover all the costs. Even when people have insurance, high deductibles, co-pays and denied services can result in substantial medical debt. If you find yourself strapped with an unexpected medical bill, financial advisers … [Read more...]

Chapter 7 & Chapter 13 Bankruptcy Options for Seniors

July 29, 2017

Many senior citizens struggle to keep up with expenses and may end up depleting their savings rapidly in an effort to keep up. Increased costs such as medical expenses, supporting adult children, and even victimization by predatory lenders can lead to significant financial distress for seniors on a fixed income. Rather than seeking help, many seniors will suffer through financial issues, sometimes selling off personal property or mortgaging their homes or even reducing their costs by not … [Read more...]

Medical Bankruptcy on the Rise

January 11, 2016

The leading cause of bankruptcy is not overspending, nor lack of adequate financial planning, but the financial free fall caused by a health crisis. Despite recent advances in the health care policy, American households continue to struggle with medical debt, and it’s only getting worse. Americans are putting more of their take-home pay toward medical costs than ever before and, oftentimes, are not keeping up. Medical debt collected by third-party collections agencies is roughly three times as … [Read more...]