Monday, July 18, 2011

Medical Expenses - #1 Reason for Personal Bankruptcy

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 at Jackson & Oglesby 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. 

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free phone consultation to determine which bankruptcy may be right for you.

Posted by Dana L. Oglesby


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