For millions of Americans, the skyrocketing costs of medical care make the prospect of recovering from a serious illness or significant injury devastating to a patient’s finances, even if the medical care itself is effective. The sad facts of the matter are that many Americans now must weigh whether they can afford the treatment that is available, no matter how necessary the treatment may be.
While we may still be some ways off from a solution to our crippling health care costs as a country, the law does provide relief to those who find themselves buried in medical debt they cannot reasonably address. If you or someone you love has medical debt that simply unfeasible to pay, or if you need a life-saving medical procedure that you do not know how to cover financially, bankruptcy may provide an emergency solution.
Under the law, many kinds of medical debt may receive a discharge, relieving the debtor of the obligation. Those who choose to undergo bankruptcy to get out from under medical debt must submit to hefty restrictions on future borrowing for several years, and may have to forfeit property and abide by relatively strict financial guidelines to receive the discharge, but for many, this is a clearly advantageous trade-off.
Your circumstances may benefit from some form of bankruptcy, but it is always important to consider your financial needs and options on a personalized basis. An experienced bankruptcy attorney can help offer you the personal understanding you need to assess your medical debt and create a plan to put it behind you and move into a new season of living.