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Bankruptcy can often help with medical debt relief

| Feb 19, 2019 | Debt Relief |

Ideally, every Louisiana resident would remain in perfect health or, at the very least, have the insurance or other funds to fully cover their medical expenses without issue. Unfortunately, that type of ideal scenario does not exist for everyone. In fact, when a medical emergency or serious condition arises, the associated expenses can commonly leave people seeking debt relief.

Approximately two out of every three bankruptcy filings result from medical-related issues. In some cases, the financial problems could stem from the medical bills themselves, or they could come from a person losing income due to a medical condition that leaves him or her unable to work as much as before. Additionally, even with insurance coverage and a comfortable income level, individuals may not escape the financial woes to which medical problems can often lead.

Though medical problems could unexpectedly affect anyone, many people do not create a financial plan for addressing expenses associated with this type of ordeal. For example, four out of every 10 Americans do not have enough savings to cover even $400 for an unexpected expense, and many medical emergencies cost much more. According to the American Journal of Public Health, approximately 530,000 families face bankruptcy every year due to medical-related issues.

Some people may think that it would be better to avoid medical treatment than risk the possible financial ruin, but that may not be the best choice. Even though it may be immensely difficult for Louisiana residents to make such a decision, filing for bankruptcy is often a debt relief method that can help many struggling individuals and families address medical debt. Gaining more information on this option may help hesitant individuals better understand the benefits of this route.

Facing Overwhelming Debt?