Medical debt is a growing area of concern for American citizens given the current pandemic, and it is an area of debt that you can sometimes have little control over. If you have a heart attack, you have no choice but to seek treatment. Even if you have basic insurance coverage, sometimes a major event, like a cancer diagnosis, can impact your financial health because of the end result of your out-of-pocket costs!
Currently, we are seeing coronavirus spread around the globe. According to Business Insider, Americans who have been impacted have generated medical bills in the realm of $3,200. Given that data from the Federal Reserve shows that half of all Americans have less than $4,500 in savings and checking, even if a family could afford a medical emergency, it would completely wipe out their savings and could impact their ability to afford future bills. Therefore, it should be no surprise that medical bills are an often-cited cause of bankruptcy. So, what does all of this mean?
Medical bills are dischargeable in bankruptcy! Under both Chapter 7 and Chapter 13, medical bills can be managed in order to get your family back on the path of financial stability. If you schedule a free consultation with Ross, Quinn, & Ploppert, you can put your stress on OUR shoulders and focus on your health. Don’t let a medical emergency have any more of a lasting impact on your life than it has to.
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