The
cost of healthcare in the United States has skyrocketed year after year. The healthcare industry is booming and while
this is great for patients as they continue to receive excellent healthcare,
this is also a huge burden on individuals who are stuck with an enormous amount
in medical bills. Health insurance does
help to a certain extent by covering a good portion of the cost of the care you
receive, however, any out of pocket expenses left over are your
responsibility. If you or a loved one
has experienced an unexpected illness or injury, you could be paying the price
for years to come. In order to eliminate
debt created by never-ending medical expenses, many Arizona residents have
turned to bankruptcy, as filing for bankruptcy will stop any and all collection
activities.
It is unfortunate that there is not
a better system that allows for individuals to receive the same quality care at
a lower price, but with so much competition in the medical community, we all
will be paying the price to receive the care we need. The number of people who have turned to
bankruptcy because of unpaid medical bills has steadily increased over the past
decade. There is always the fear that
filing for bankruptcy will ruin your credit, and that you may be worse off in
the long run. This is not the case for
most people. Filing for bankruptcy when
there is a need to do so will actually help your credit after you are able to
eliminate your debt and begin to reestablish your credit with a clean slate.
Other Options for Managing Your Medical Expenses
After speaking with a qualified Scottsdale bankruptcy attorney, if bankruptcy does not seem to be the answer to eliminating your debt, your attorney may suggest that you negotiate with your medical providers to settle what you owe. You may also be able to negotiate a modified repayment plan that will enable you to make lower monthly payments over time to pay off your medical bills. While you can negotiate with your providers on your own to settle your debt or modify your repayment plan, having an attorney by your side to handle these matters will ensure you are reaching the best result possible for your individual financial situation.
A Scottsdale consumer bankruptcy lawyer will evaluate all of your options to pay off your medical bills, and explain what the pros and cons are for each option. It may turn out that your medical expenses are simply too substantial for you to negotiate a debt settlement. Filing for bankruptcy may turn out to be the best decision for you. However, if your medical expenses can be managed through debt settlement or through a modified repayment plan, you may be able to avoid filing for bankruptcy. Contact the experienced bankruptcy attorneys of Ariano & Reppucci for more information regarding medical debt and bankruptcy.
