How Bankruptcy Can Help with Creditors and Medical Bills

In regards to Medical Bankruptcy, The question has been asked – “At what point do you actually file for bankruptcy instead of just thinking about it?”.  The answer to this question is explained somewhat in this article and is basically – “When your mounting debt gets to a low point where you can see you are running out of resources”.  When your mounting debt has a root cause of a medical condition, there is often no other way out.

Large percentages of Americans who have filed bankruptcy in recent years have cited medical bills as one of their reasons for doing so, although statistics from the US Department of Justice shows that only about 13% percent of the debt discharged in bankruptcy is specifically medical. But if you are a family or an individual who has had to miss a credit card payment because you have no health insurance and your last sinus infection set you back about $275 between the doctor visit and the prescriptions – then you can easily understand how medical bills can quickly impact your overall finances and perhaps start the slide into bankruptcy.

Often bankruptcy is the low point in a downward spiral that can be traced back to job loss, prolonged unemployment, and unexpected emergencies that leave astronomical bills in their wake.