Did you know that an approximated 72 million Americans struggle with medical debt at any given time? This number actually translates to more than 40% of working-age people in the country. Yes, there are many reasons why people fall into debt, but staggering medical bills is one of the most common by far. The future isn’t looking encouraging either, with reports stating that Millennials are racking up medical debt faster and more frequently than other generations, and that they have the least means to pay it off.
If you are in the same situation as so many millions of other Americans, then you know the stress that medical debt causes in your day-to-day life. Any purchase you need to make can feel pained, knowing that it is taking away from money you could put towards your debt. You might even be in a situation where you can only afford to pay medical debt interest, meaning the body of the debt will never go away.
What are you supposed to do? Filing for Chapter 7 bankruptcy may help. A successful Chapter 7 bankruptcy filing will discharge all unsecured debts, which includes medical bills. Since there is no limit on the amount of unsecured debts that can be discharge with Chapter 7 bankruptcy, it could be possible that all of your medical debt is eliminated in just one filing.
As intimidating as it might be to file for bankruptcy, you should know that it is nearly guaranteed to be better than the alternative: living the rest of your life under the weight of overwhelming medical debt. Indeed, many people who use Chapter 7 bankruptcy to eliminate medical debt can find ample financial tools to help them move ahead with better financial control and planning in the future.
Should You Use Bankruptcy to Be Rid of Medical Debt?
At Atlas Consumer Law in Chicago, we are here to help our clients understand their rights in debt and use the best legal tools available to them to correct the situation. We have the knowledge and experience needed to analyze your medical debt in-depth to discover the best path forward, which could be bankruptcy or another alternative. If we do decide that bankruptcy should be used to discharge your medical debt, we will discuss our Protect The Discharge program with you, too. In short, this program helps shield you from future creditor harassment and helps us quickly spring into action to retaliate if you are harassed.
Learn more about the services of Atlas Consumer Law now. Call our Chicago medical debt attorneys at (312) 313-1613 today to request a consultation.