Suffering from a sudden illness or injury can be debilitating from a financial perspective because it can mean that you will not be able to work for a certain amount of time, and you will lose wages as a result. In addition to this, medical services can be extremely expensive, even if you have insurance.
It is for these reasons that many people decide to file for bankruptcy as a result of their medical debt. If you are worried about your medical debt and want to gain a fresh start in the state of Pennsylvania, it is important that you take the time to understand how medical bankruptcy works. The following are some of the most frequently asked questions relating to medical bankruptcy filings.
Is it common for people to file for medical bankruptcy?
It has been estimated that 60 percent of all bankruptcy filings are related to medical bill debt in the United States. Uninsured medical debtors average a debt of $17,000.
How is medical debt defined in bankruptcy terms?
Medical debt is classified as unsecured debt along with debts accumulated on credit cards or loans. This means that Chapter 7 bankruptcy may help address the debt efficiently.
Can I renegotiate my debts?
It may be possible to avoid bankruptcy by trying to negotiate with your medical provider on bills. In addition, they may be able to help you arrange a payment plan.
If you are feeling overwhelmed by medical debts, it is a good idea to consider bankruptcy as one of your many potential options. To learn more, contact a bankruptcy attorney at the Quinn Law Firm for a free consultation. We can be reached at 814-833-2222.