Medical Bills & Personal Bankruptcy: An Unfortunate Trend

 Posted on April 09, 2014 in medical debt

Even though the enrollment deadline for healthcare under the Affordable Care Act just passed, it is clear that medical bills are still a big problem for many Americans. According to NerdWallet, one in every five Americans will have difficulty paying medical bills this year. Medical bills are actually the leading cause of personal bankruptcy filings, once individuals and families have used savings, credit cards, or attempted to refinance their homes.

While around 20 percent of people are struggling with medical bills in one form of another, three out of every five bankruptcies is due to medical bills. In fact, nearly 10 million Americans with year-round healthcare will still be unable to pay their medical bills. Many families look for ways to cut costs, including skipping vital prescription medications. Others will turn to loans, credit cards, or other financing methods. Some of those families, however, will find themselves facing bankruptcy.

One catastrophic medical event can set an individual or family back. An unexpected diagnosis or major accident can lead to many months or years of treatment, racking up bills. Those who are covered by health insurance may overestimate the extent to which their policy will help them, and some may find out too late that they are buried in bills that they can never hope to pay. And even when a good faith effort is made to pay down a selection of bills, it may still be impossible to catch up.

If you have accumulated medical bills and simply cannot afford to pay them, you are not alone. Even with health care coverage in place, many Americans across the country are struggling to pay off medical debts. You do have a way out. You do not have to continue living under the pressure of colossal bills. If you would like a fresh start, contact a Texas bankruptcy attorney today.