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.