Many people associate bankruptcy with financial irresponsibility. However, there are some Americans who pay all of their bills on time, do not abuse credit cards, and do not overspend in relation to their income, but still end up filing for bankruptcy. One common cause for bankruptcy in this situation is that someone in the family develops a serious medical condition or has a medical emergency. Even if a family has insurance, a policy may not cover the full amount of the bills and therefore the family may face extensive out of pocket costs. If they have not particularly planned for such an unforeseeable medical event, the family may be left in financial ruins. Another common situation is that a family loses their insurance during the treatment of the illness or injury and must cover the full remaining costs.
Bankruptcy can help
Fortunately, medical bills are a kind of debt that is dischargeable in Chapter 7 bankruptcy. In fact, a study by the Harvard Law and Medical Schools reported that the rising costs of healthcare have caused a 50 percent increase in medical bankruptcies since 2000. The specific health issues that caused the highest amount of medical bills for families include the following:
- Injuries from different types of accidents– $25,096
- Multiple Sclerosis and other neurological disorders– $34,167
- Strokes– $23,380
- Heart disease and heart attacks– $21,955
- Diabetes and related issues– $26,971
- Mental illnesses and disorders– $23,178
These high bills often accumulate due to hospital stays, doctor and specialist bills, prescription drugs, medical equipment for the home, nursing home care, insurance premiums, and more. Having someone in your family suffer from a medical emergency can be stressful enough without piles of medical bills haunting you for months or even years. There are solutions that can help with medical bills and allow you to focus on healing and recovery.
Contact a Missouri bankruptcy attorney for a free consultation
Medical crises can happen to anyone. If you or your family has suffered financial strain due to an unexpected medical emergency, an experienced Missouri bankruptcy lawyer at the Law Office of Kenneth P. Carp can help. Do not hesitate to call us at 636-947-3600 for assistance today.