Many recent studies have been done over recent years to determine who files and why. Most people who file bankruptcy carry some form of medical insurance, have an education, and are employed. Research findings repeatedly conclude that un affordable healthcare services lead to medical bills that cannot be paid; a common situation that explains why many people seek bankruptcy.
Medical Bills Due To COVID-19 Treatment
Due to the pandemic in 2020, medical debt and resulting medical bills have surged to new heights. Hospital stays to be treated for COVID is between $30,000 – $50,000. Many of the sick have also faced unemployment. This combination has caused un-parallel hardships for adults of every age. The good news is that you don’t have to struggle with medical debt forever. During your free bankruptcy consultation, we will present all of your options, steer you in the right direction, and help you get out from under those medical bills.
Rising Medical Costs For Young Adults
A medical diagnosis or catastrophic medical event is a sudden and unexpected life event that often precedes financial problems. Younger cancer patients have the highest bankruptcy rates. This is because younger patients are more likely to have debt burdens such as student loans, starting business costs, new home purchase, raising young families, etc. Combine these indicators with fewer assets and little or no supplemental income. Soon, it will become clear why younger people diagnosed with cancer are more susceptible to bankruptcy than older folks. To benefit most from the bankruptcy filing process, seek advice from a lawyer who specializes in bankruptcy. Most initial consultations are free. Eliminating financial burdens will allow all expendable energy to be focused on a positive healing process.
Medical Diagnosis Leads To Debt
When you or a loved one is diagnosed with a medical condition such as cancer, the diagnosis itself is devastating. The ultimate manifestation of a diagnosis like this can become economic hardship. However, the medical bills that have accumulated should only be viewed as a hurdle. While a medical team is aiding in your physical needs, allow a reputable legal team to assist in resolving your financial ailments.
Filing bankruptcy is a positive and optimistic fresh start
Already overwhelmed by debt? Need to improve credit scores and regain financial independence? Beyond the stereotypes and misconceptions, filing bankruptcy is an affordable resolution that can eliminate most types of debt, including debt incurred from medical bills. Filing bankruptcy provides the launch pad of positive actions necessary to regain control of finances, build back your credit score, and focus on health.
Law Firms Helps With Medical Debt
Filing for bankruptcy can become an expensive and complex process if not handled correctly. Only an experienced Wisconsin bankruptcy law firm will be prepared for the task. The bankruptcy attorneys at Debt Advisors are fair, honest, considerate, compassionate about your diagnosis and helpful in these types of financial situations. The most difficult part is reaching out for help.