In 1981, 8% of all individuals who filed for bankruptcy did so because they were facing the problem of medical debt. On the other hand, this figure has risen to more than 50% today. This is a drastic increase and clearly indicates the correlation between medical debt and bankruptcy.
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Archive for the 'Medical Bankruptcy' Category
On the face of it, declaring bankruptcy to overcome medical debt seems like a feasible option. However, no financial expert in the right frame of mind will ever advise you to go in for such a solution. This is because there are many complications and problems involved as far as medical bankruptcy is concerned.
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Bankruptcy Vs Medical Debt Settlement – Do Not Rely on Experts Alone – Use Your Common Sense As Well
There are many persons who feel that medical debt settlement is not a smart move. They point out the fundamental difference between medical debt and credit card debt. They indicate that the former is the result of a service that you have used and the latter is the result of a loan that you have taken.
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Why should you opt for a debt settlement when you have a credit card in your hand and the same can be used to repay the medical debts in full? Well, there is absolutely no denying that credit cards are commonly used to repay medical debt. However, more than half of those who declared bankruptcy because of excessive card debt confess that the payment of the medical bills was the trigger that pushed them over the edge.
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Among the loads of unsecured debts that the citizens are compelled to undergo, medical debts stand a higher rank. Obviously each individual has to get service from a medical service provider at any stage of life.
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Critics of medical debt settlement point out that the whole concept of settlement of debt is not based on logic and common sense. To expect any individual or financial institution to offer a waiver ranging from fifty to seventy percent of the original amount owed does not make sense. No person will give such a huge waiver and cause such a huge loss.
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If you’re unable to pay off your monthly medical bills then read on to find out how you can get help and hopefully be able to fully pay off your debt. If you want to clear your medical debts you’ll need to know a little bit about dealing with unsecured creditors, and how to negotiate with them. If you read the article in full you should have the needed knowledge to clear your debts without needing to file for bankruptcy.
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Negotiating a discount or a waiver with financial institutions seems like a fair thing to do. The service providers charge such high interest and other penalties and make life miserable for ordinary borrowers. Hence, ordinary borrowers never mind seeking additional discounts and bring down the profit earned by the lender. However, doing the same in case of medical institutions is not similar.
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Why is it important to keep your medical debt under control at all times? This form of debt is something that all of us are susceptible to. Unless you are a millionaire in America today, you will definitely have to plan for the possibility of facing financial problems due to emergency medical expenses. Health care is very expensive and health insurance policies, despite charging a lot of money as a premium, do not offer comprehensive benefit. The end result is that medical debt gets added to the existing credit card debt and other personal unsecured loans that the individual owes.
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You have the option of packing your credit cards and vowing never to use it again when you find out that these cards are the primary reason why bankruptcy takes place amongst middle-class American citizens. However, what solution do you have if you’re informed that medical debt is also a primary cause for bankruptcy? You cannot take a vow never to fall ill, can you? Nobody falls ill because they want to. You never know when a virus or flu may strike you down.
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