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Medical bills can ruin financial lives

On Behalf of | Feb 28, 2019 | Chapter 7 and Chapter 13 Bankruptcy, Firm News | 0 comments

It can take years for a Parker resident to pay off their student loans or save enough money to buy a house. They may hold off on remodeling their residence or buying a new car if they do not feel as though they are financially ready to make such a big expenditure. Many of the big costs that individuals take on throughout their lives are expected and can be planned for, but medical bills that result from emergencies and accidents can be the exception to this general rule.

A massive medical bill can hit at any time due to an unexpected diagnosis, a violent car accident, or another form of incident that subjects a person’s body to illness or injury. While some people have health insurance that may help them reduce the amounts that they owe for the services they received, insurance is often not enough to keep a person from experiencing serious financial strain after being billed for a medical procedure or expense.

This is because many Americans lack the savings to cover emergency bills. Some do not even have enough money set aside to pay off relatively small expenses, such as those under $500. As a result, medical bills can ruin financial lives and set individuals up for challenges as they attempt to pay for their other bills and needs.

When financial challenges arise, debtors may look to personal bankruptcy to better understand their options for keeping their homes, paying off their creditors, and moving their lives forward. Chapter 7 and Chapter 13 bankruptcy offer individuals different paths toward managing their economic issues and can provide very real financial relief that can leave them with the fresh financial start they need to confidently move forward with life