The high cost of a major illness is enough to make your health insurance carrier scream, but it can also drive you to the point of financial ruin. Experienced bankruptcy law firms in richmond know that filing bankruptcy can be a legal way out from under those big medical bills that are compromising all your other financial obligations, even your mortgage payment.
Young Adults Carry the Most Medical Debt
In the United States, more than a quarter of young adult between the ages of 19 and 29 struggle with medical debt. Many are in that situation because they didn’t have health insurance. While it’s true that older adults are more likely to suffer from health-related problems, they are also more likely to have health insurance, so paying the medical bills for them is generally less of an issue.
Of the roughly 35 percent of Americans who say medical debt is a concern for them, nearly half say they are battling serious financial troubles; filing bankruptcy can bring alleviate many of those troubles.
The hope is that some elements of the Affordable Care Act will help to ease the financial medical burden for many people, but states are still working out how they will roll out the program. In the meantime, bills pile up.
Bankruptcy makes it possible to cut even hundreds of thousands of dollars of medical debts in a Chapter 13 filing, while a Chapter 7 filing can erase the total debt. Every case will be different so call a Richmond Bankruptcy Lawyer to see what they can do for you.