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Medical bills propel bankruptcy rates

If you are considering filing for bankruptcy due to a crippling amount of medical debt, you are not alone. In fact, medical bills are the leading cause of bankruptcy in the United States, and Pennsylvania is no exception. Millions of people are affected every year by overwhelming and unexpected medical debt, and a large percentage of those people will file for bankruptcy protection.

Though you might assume that only those without medical insurance could fall into such a dire financial situation due to medical debt, a large portion of individuals who file for bankruptcy are insured. Unexpected health problems, such as cancer, major accidents and surgery, can quickly cause the debts to pile up. This can cause individuals and families and enormous amount of stress.

There are two different ways that one can file for bankruptcy, chapter 7 and chapter 13. Chapter 7 bankruptcy was designed for those who do not have the financial means to pay back their debts. This will consolidate some debt, but you might lose property in the process. Chapter 13 bankruptcy will outline a payment plan, but you must show that you have the income to pay your debts within the time frame.

Medical debt is an epidemic in the nation that is causing millions to file for protection through bankruptcy. Bankruptcy is not for everyone, and you should put a lot of thought into filing before you decide to do it. If you have additional questions, speaking to an experienced attorney might be beneficial.  

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