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Bankruptcy FAQ

Have medical debt? A bankruptcy could help

On Behalf of | Sep 22, 2017 | Personal Bankruptcy

Debt can pile up in an instant, and all it takes is a major life event for your debt to run out of control. Purchasing a new car or home may be too much too quick, and as a result, your bank account runs dry. You may have a lot of student debt that drains your finances for a long time. Or maybe you make an impulse purchase with a credit card but you aren’t able to handle the balance. All of these situations could lead to someone needing a bankruptcy filing to help with their finances.

Another form of debt that isn’t always considered by people when the topic of bankruptcy comes up is medical debt. Medical emergencies can cost the patient hundreds of thousands of dollars. Even if it doesn’t reach such an astonishing financial level like that, medical treatment can far exceed the amount of money that a patient has the ability to pay for.

Consider that you have to pay for prescriptions, device, surgeries, doctor’s visits, lab costs, and anything that exceeds what your insurance provide covers. You also have deductibles and co-pays that you have to cover, along with your monthly premiums. Medical debt can rack up very quickly, and since medical organizations are corporations, they are not in the mood to renegotiate your debt. They want to get paid.

A bankruptcy filing can help you address your medical debt, and at the McBride Law Firm, we want to help you fight back against these medical corporations.