3 Tips for Deciding If Medical Bankruptcy Is Right for You – Medical Bankruptcy FAQ

A medical emergency or a sudden illness is one of the most devastating things that can happen to anybody. Interestingly enough, only a few seem to recognize the importance of being prepared.

Medical bankruptcy can be even harsher to a consumer’s personal life than other forms of bankruptcy, because the medical bills are incurred in the pursuit of one’s own health or that of a loved one.

But there’s another sector that badly needs medical bills help: one that makes up millions of Americans who do not own an insurance. If you among the millions of families who have no access to pre-paid medical care, do not opt for bankruptcy just yet. There are still options available for you.

For consumers who file bankruptcy, the realistic possibilities of regaining financial stability, as well as being able to afford health care, are much smaller. Knowing all this, it is easy to see how the demand for an alternative to medical bankruptcy is continuously rising.

Fortunately for consumers who are considering filing bankruptcy, there is an alternative: debt settlement. Debt settlement is a legal form of debt reduction through which a consumer negotiates a significantly reduced debt with his creditors, and pays off what remains of that debt by means of a monthly repayment plan.

Federal law mandates that each hospital has some kind of financial assistance program in return for getting tax breaks. Although hospitals don’t really advertise this, you can go to the billing department and inquire whether you can apply. If not, ask for numbers of charitable organizations, Christian groups, non-profit associations that may be able to help you.

This is because with a debt settlement, the medical provider is assured to regain at least part of the monies owed. If the consumer is forced to file medical bills bankruptcy, the medical provider might never recover any of his money.

If you need to apply for debt settlement to settle your medical bills and avoid medical bills bankruptcy, it is good to know that there are many experienced and reputable debt settlement companies throughout the United States that can help you avoid medical bills bankruptcy. Because these professionals have extensive experience with consumers who apply for debt settlement in order to avoid filing medical bills bankruptcy, they are qualified to represent you during your debt settlement process.

Harris Smith is a writer on personal finance education. Her article tackles the pros and cons of home equity line of credit

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