Medical debt continues to be one of the most common reasons why consumers file for bankruptcy protection. Since unemployment continues to be a challenge for many Americans across the country there is a continued lack of financial support for medical insurance coverage. The same is likely for those who are underemployed. Even some with medical coverage find themselves struggling to keep up with necessary expenses when an unexpected medical emergency happens.
While many may find personal debt such as credit card bills and outstanding loans overwhelming, others may find medical debt alone to be a big problem for several reasons. Debt collectors for medical collection agencies, as well as hospitals and other medical-related businesses have become more aggressive with their collection tactics.
Consumers are facing harassing phone calls, letters and being pursued in small claims court for payment on medical bills. Once a judgment is entered the medical creditor can garnish your wages and/or bank account.
Bankruptcy is often seen as a last resort for resolving outstanding debt. The same is true for medical debt, especially when patients are unable to agree on an affordable payment plan with creditors. Having limited income makes making payments more difficult which is why bankruptcy is a good option to consider.
The filing process helps stop wage garnishment , prevents further legal action from lawsuits served and helps protect personal property from being seized to satisfy creditors. If you feel overwhelmed with outstanding debt obligations, review your situation with an experienced Georgia bankruptcy attorney to learn if bankruptcy is the best option for you.
When you or a loved one is dealing with an illness or other health concerns, the last thing you want to worry about is how bills will be paid. This is when an experienced bankruptcy attorney may be able to help you find an appropriate solution to your debt situation.
If you are dealing with medical debt or find it is becoming increasing difficult to make necessary monthly payments because of medical bills, discuss your situation with a bankruptcy expert.
Recovering from a major illness or injury often means recovery financially from mounting medical debt . Even individuals with health insurance find that medical debt is a leading cause for considering bankruptcy. Unfortunately, many debtors consider bankruptcy long after they have substantially whittled away at their limited resources and assets.