Are you at risk of medical bankruptcy? Heres why!

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Are you at risk of medical bankruptcy? Heres why!

Medical Bankruptcy

Medical Bankruptcy

Did you suffer from a personal injury or have had an accident in the last two years? Are you unable to pay off your medical bills? Have you heard of Chapter 7 bankruptcy filing? The cost of health insurance increases more and more each year, and it’s mandatory to have one. However, a lot of people don’t have enough money to pay for an insurance and when they get injured, a bill of thousands of dollars is charged to them. Aside from already financially struggling due to loss of job, credit card debts, car insurance bills, etc. a person could immediately fall into bankruptcy because of the sudden addition of medical bills. Not being able to pay for your hospital bills can lead you to Medical Bankruptcy. People file for Chapter 7 Bankruptcy since it discharges the medical bill completely. If you file for Chapter 13, you’ll be discussing a repayment plan that’ll be paid over the period of 3 to 5 years, however; at the end of the pay period you might be discharged from some of medical debt.

 

When you file for bankruptcy not all debt is able to be discharged, but fortunately medical debt is one of the debts that can be wiped out. Your credit rating will be affected for 10 years, which is why you must be really careful in making a decision for medical bankruptcy. You’re at risk for medical bankruptcy if you tend to skip your medications that were prescribed from your doctor, doing this will cause even bigger health problems. A trip to the hospital costs more than what your prescription drugs would’ve cost you, so it’s better to take advantage of the medications at the moment to avoid getting sicker. If you have health insurance you must know that there’s a possibility it will not cover the entire medical costs. If you are currently trying to cope with a chronic illness then you must be extra careful in keeping track with all the medical bills. It is important to know the way to avoid getting in bankruptcy by planning ahead. One of the most convenient things to do when the medical bills are up to the roof, is to ask for a loan consolidation. Try to put all the medical debts into one repayment plan, this will facilitate your life since it’ll be more organized and you won’t have to pay at different dates, or forget who you have to pay.
Medical Bankruptcy can be controlled, the illness that occurs to you can’t, which is why you must be careful in knowing how to properly handle your debt to avoid bankruptcy, call today for more tips!

Medical Bankruptcy | Risk of Bankruptcy