If you or a family member has recently received a serious diagnosis that will prompt catastrophic treatments, or if you were involved in an accident that led to significant bills, there is no doubt that you’re concerned about your financial future. A recent study about medical bankruptcy found that medical problems contributed to nearly half of all bankruptcies and since then, health costs have been on the rise. Did you know that you may be able to eliminate that debt simply by scheduling a call with a bankruptcy lawyer? Depending on your eligibility, you could discharge some or all of your debts and this might represent an important first step to financial clarity and freedom.
Receiving a diagnosis prompts you to take action quickly, but when the bills start racking up this can add even further stress to a hard situation. Making sure you’re getting the right treatment is important, but this could cost you.
More than 2,300 bankruptcy filers were interviewed in 2007 to identify the impact of medical issues. In 1981, approximately 8% of families filing initiating a bankruptcy petition did so because of a serious medical problem, however, that number increased nearly half by 20 years later.
Medical problems can cause you to worry about your physical health, your emotional health, and your financial stability in the wake of a diagnosis. Of course, treating a family member is a primary concern and this is why many people spring to action quickly to help protect a loved one after a diagnosis has been achieved. In many of these cases, time is of the essence and no one can afford to wait to get the necessary medical treatment. However, going without the assistance of finances or a healthy bank account at the time could lead to major problems including filing for bankruptcy. Consulting with a bankruptcy attorney may be the only way to understand how you could potentially be affected by serious financial obligations. You can easily become overwhelmed in this situation but consulting with an attorney can help you to figure out the next steps.