{"id":3052,"date":"2019-07-03T09:31:27","date_gmt":"2019-07-03T09:31:27","guid":{"rendered":"https:\/\/phoenixfreshstartbankruptcy.com\/?p=3052"},"modified":"2022-08-18T09:11:26","modified_gmt":"2022-08-18T09:11:26","slug":"drowning-in-medical-debt","status":"publish","type":"post","link":"https:\/\/phoenixfreshstartbankruptcy.com\/drowning-in-medical-debt\/","title":{"rendered":"Drowning in Medical Debt?"},"content":{"rendered":"

One of the major reasons why Americans go bankrupt is caused by medical debt. Do not beat yourself up thinking of how to make ends meet in the midst of mounting medical bills. You are not alone. Fact is, huge medical expenses account for the personal bankruptcies filed in the U.S. In a recent study, an estimated 66.5% of all bankruptcies are caused by health-related expenses, followed by unaffordable mortgages (45%) and spending or living beyond one\u2019s means (44.4%). Having health insurance is helpful but usually not enough to pay for medical bills. The rising healthcare costs in the country contributes to one of the biggest expenses Americans have to pay. According to CNBC, Americans spent $3.4 trillion on medical care in 2017. With the average healthcare cost per person reaching $10,345 in 2016, experts predict that figure will increase to $14,944 in 2023.<\/p>\n

\"MedicalBecause medical conditions like diabetes and heart disease are increasing, many also have to contend with the rising medical bills. For other people, the special medical needs of a sick loved one can also put a strain on one\u2019s finances. Hospice care for retirees and senior citizens can also be a burden and can take a big chunk out of retirement savings. Not to mention the financial obligations of keeping up with auto loan and mortgage payments.<\/p>\n

The list of financial struggles seem endless and the questions loom at the back of your mind: Will I ever get out of this rut? Is filing bankruptcy an option to cover medical bills?<\/p>\n

Well, not to worry because…Yes! Bankruptcy protection can cover medical bills and similar debts accrued from medical care. When you file for bankruptcy, the bankruptcy court instigates an automatic stay to stop all collection activities of your creditors. As such, it also eliminates additional stress caused by debt collectors hounding you to pay your debts. Another advantage of declaring bankruptcy is that you can save your home because bankruptcy freezes foreclosure actions.<\/p>\n

<\/span>Bankruptcy for Medical Bills<\/i><\/em><\/span><\/h3>
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