Forbes magazine last March cited medical costs as the number
one reason for filing personal bankruptcy. There is a good chance that high
medical costs will remain constant into the foreseeable future. Even with new
legislation making health care insurance more available taken into
consideration, medical costs are still rising with no end in sight. The
situation in Indiana will most likely mirror the rest of the country. If it
doesn't, all that will mean is some other reason will be the number one cause
for personal bankruptcy.
If medical bills or any other unforeseen financial
situation has caused you to fall behind on your mortgage, utility bills, and
credit card payments, bankruptcy may be a smart decision. Meeting with an experienced bankruptcy
attorney will be your best chance to become debt free. The harassing creditor
phone calls can be hard to take. Ignoring them is no solution. Bankruptcy is one avenue millions of Americans
have taken advantage of, and in doing so, have gotten their lives back on the
right financial track.
An attorney will review your
personal situation with you and determine if bankruptcy would be a good
option. An experienced attorney can also
help determine which bankruptcy is right for you. In a Chapter 7 bankruptcy medical bills and
all other unsecured debt will typically be discharged. In a Chapter 13 bankruptcy, debt including
medical bills will be consolidated into an affordable monthly payment that is
based on what you can afford to pay. Filing bankruptcy will stop creditor
collection and give you the fresh start you need. It is true that your credit rating will be
affected, but there is plenty of damage that your late payments have already
done. The best strategy for repairing this damage is what you will need. The
attorneys at Jackson & Oglesby can give advice on what steps are needed to
put that strategy into motion.
Too many people get paralyzed by all the hopelessness
that financial problems can cause, especially when it is compounded by having to
fight through a medical problem. The stress of medical illness along with that
of financial anxiety must be alleviated. You can accomplish this by contacting
an experienced bankruptcy attorney.
