Medical treatment is expensive. Individuals who do not have sufficient health insurance to cover their treatment expenses or enough money to pay for them out of pocket can easily find themselves in debt after receiving medical care. Sometimes, there is no option other than taking on sufficient debt to receive necessary medical care.
Although each bankruptcy case is unique, every filer must eventually decide which bankruptcy chapter is best for their particular situation. Chapter 7 and chapter 13 are the most popular forms, each offering different bankruptcy options. The American Bar provides a detailed comparison.
The recent release of statistical data by the Administrative Office of the U.S. Courts reveal that bankruptcy filings were down by 11 percent for the 12-month period ending March 2014. The big question, however, is will the downward trend continue throughout 2015?
It would be a fair assumption to conclude that in most American homes there is a designated place for the stack of incoming white envelopes housing our financial obligations. For some the pile will disappear each month as bills are satisfied with a clear surface for the next month’s collection.
Every month, people have to pay bills. They can be credit card bills, utility bills, and other bills for education or a house. There can be times when these debts become unmanageable due to factors like personal injury, loss of a job or just overspending. If you are experiencing a financial crisis, then there are certain steps you can take to mitigate any damage.
It’s no surprise that healthcare expenses and the problems of the medical industry are some of the biggest issues affecting the United States recently. The rising cost of healthcare has been a prominent focus for legislators, the media, and the public for the last several years, leading the major changes for healthcare that are taking place currently and in the coming months.
In today’s economy, many people are facing massive debts, many of which are medical bills. As recently reported in a Chicago Tribune article, some studies estimate that up to half of all reported collections are made up of medical debts. Unexpected health issues, illness, and catastrophic injuries all can result in large hospital bills that people who lack comprehensive hospital insurance simply cannot afford to pay.