Medical Bills and Bankruptcy

Medical Bills and Bankruptcy

Medical bills are the prime factor for filing bankruptcy in the United States. According to the Huffington Post, as well as numerous other sources, it is the main reason.

Medical bills prompt bankruptcy filings for a variety of reasons, not the least of which is the high price of medical care cost in America. Insurance availability is another ingredient. Though Obamacare has created more coverage in years past, costs have escalated, as have co-payments. The end result is more medical care debt income to cover it.

Medical care is not optional. At least it shouldn’t be. But in America it often is. Faced with the dilemma between medical care and unaffordable expense, bankruptcy may be a necessity. Bankruptcy can deal with medical care debt. But neglected medical care has no cure.

Medical care costs frequently overshadow other financial obligations which, in turn, can cause even further debt. Using credit cards to pay for medical care has become increasingly common. CareCredit is a credit agency devoted to medical care costs and treatment.

Medical care costs, too, often come with aggressive collection tactics. While it does not seem fair, often the most aggressive collection companies and agencies represent medical care providers.

Bankruptcy is an option to avoid your medical care costs and associated debts. Medical care costs and debts taken out to cover such debts are entirely dischargeable in bankruptcy. While there is seemingly no safety net for medical care, at least there is one for the associated debt.