Medical Bills - a major cause of bankruptcy

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Many of the clients that come into my office have medical bills. It can be anything from a serious or long term illness to a problem pregnancy. One of the things I find interesting is how aggressive medical collections can get for what seems like small sums, especially when an insurance company has paid a portion of the bill. Most bankruptcy attorneys know medical bills are a problem but I didn't realize there was a term to describe it... Medical Bankruptcies.

In an article on Fox Business News website; Medical Bankruptcies are Still a Problem, Here's What to Expect, Donna Fuscaldo, the author, discusses the impact of medical bills on a family and its finances. "According to a 2013 study by NerdWallet Health, unpaid medical bills are expected to be the No.1 cause of bankruptcy filings, surpassing both credit card and mortgage debt." The article goes on to explain it isn't the lack of health insurance but the high deductibles and medical services not covered by the insurance. This trend is expected to continue. (this article is worth reading if you have an interest in the topic)

Medical issues and the associated bills may not be the only cause of the bankruptcy, but it can be the catalyst creating or aggravating many of the problems leading to a person's bankruptcy. The considerations for filing bankruptcy with medical bills are similar to filing for general credit issues. It is not a bad idea to take advantage of a free consultation with a bankruptcy attorney.

If you want assistance, legal representation, or just want to know more about Mark Medvesky or Medvesky Law Office, LLC, check out our website at www.medveskylaw.com.

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