Americans’ Total Medical Debt Estimated at $220 Billion

Nothing is more important than your health. Unfortunately, individuals across the country often are forced to sacrifice their financial stability in order to ensure their physical well-being. If you or someone you love cannot see a way to overcome your healthcare debt, it is time to talk to an experienced bankruptcy attorney. 

The total amount of medical debt in the United States is estimated at a staggering $220 billion. This crisis has far-reaching implications, including a noticeable impact on bankruptcy filings across the country. Even people with some form of health insurance often grapple with unpaid medical bills due to factors such as high insurance deductibles, unexpected emergencies and gaps in coverage.  

According to recent studies, approximately one in five Americans struggles with medical debt, making it a leading cause of personal bankruptcy filings. It’s crucial to understand that bankruptcy can help individuals overwhelmed by healthcare-related obligations regain control of their financial situation. Consulting with an experienced attorney can provide valuable insight into whether you are a good candidate for Chapter 7 bankruptcy.

Medical debt can be discharged in a Chapter 7 bankruptcy, which could give you and your family the financial freedom you deserve. However, there are certain requirements that must be met. You must not have received a Chapter 7 debt discharge in the previous eight years. Furthermore, you have to qualify under the means test, which evaluates your income versus the state average. In the event that you are not eligible for Chapter 7 protection, a Chapter 13 repayment plan might be a suitable alternative. 

Whether your healthcare debt stems from an accident, a chronic condition or a sustained illness, you should be able to concentrate on your physical recovery and be able to enjoy life without the stress associated with serious debt. Jeff Field & Associates is here to advise you on the best path forward, which might include a Chapter 7 bankruptcy filing. We guide Georgia residents through the entire legal process, up to the resolution where nonexempt debts are eliminated. To learn about your options, please call 404-381-1278 or contact us online. Our offices are in Athens, Douglasville, Gainesville, Lawrenceville, Marietta and Scottdale.