Are you facing debt you can’t pay due to the high cost of medical care? Well, you’re not alone. Unlike other types of debt, medical expenses are often involuntary and unplanned. Health insurance rarely covers 100% of healthcare costs, leaving more Americans are struggling with the high cost of medical care every day. Anyone could lose their financial stability when faced with the high cost of a catastrophic illness or accident, including added co-pays, deductibles, out-of-pocket expenses, and lost wages.
You may be wondering: can medical debt can be included in bankruptcy? In fact, In the United States, medical expenses are the number one reason people file for bankruptcy. Bankruptcy is a legal process designed to protect your rights and get you back on your feet as quickly as possible.
Get The Help You Need
Unfortunately, many people wait too long to get help. Most Americans feel a responsibility to pay off their debts resulting from medical care. While these intentions are good, unpaid debts can grow faster than the average person is able to save. The emotional burden of these unpaid medical expenses can be enormous, and in the end the snowballing debt can have disastrous financial consequences. Cashing out credit cards, retirement funds, college savings and/or taking out second mortgages to pay off medical debt can destroy your personal finances completely. Healthcare debt can also negatively impact your ability to save for your future.
At Sirody & Associates, we help you understand medical bankruptcy so you and your family can make wise choices. We’ve helped countless Baltimore residents get the fresh start they deserve.
If you’re struggling with unpaid medical debts you’re not alone. A 2016 study by The New York Times and the Kaiser Family Foundation reported that approximately 1 in 5 people under the age of 65 who had health insurance reported financial difficulties relating to medical bills. Let our experienced medical bankruptcy attorneys restore your peace of mind and help you rebuild your life.
Call Sirody & Associates today at 410-415-0445 for a free initial consultation.