Credit Cards and Medical Debt
It’s happened to thousands and probably to millions. You’re just barely able to meet your financial responsibilities, or you’re just getting on your feet, and a swelling or a lump appears from nowhere. After a few days, it hasn’t gone away. You visit your doctor, who orders a scan or a biopsy. You return to the doctor a week or ten days later. You’ve tested negative, and in fact the swelling has already started to disappear. That’s great news. And you’re also now hundreds of dollars in debt for office visits and lab tests. Insurance helps some people in some situations, but medical debt impacts families at all income levels with all kinds of insurance policies. One out of every three Americans has some kind of difficulty with medical debt. In the Chicago area, if your medical bills and expenses are starting to overwhelm you, get in touch at once with an experienced Chicago bankruptcy lawyer who can assess your situation and help you get control of your finances again.
A 2009 study published in The American Journal of Medicine found that medical debts were the chief reason behind 62.1 percent of all personal bankruptcies in 2007, and 92 percent those citing medical debt as their main reason for bankruptcy had medical debts over $5,000. Medical debt is different from other debt because it is usually incurred against our wills; no one who is mentally healthy chooses sickness or injury. Because healthcare costs are unavoidable, medical debt is usually treated with more sympathy than other kinds of debt. That’s why you don’t want to pay medical bills with a credit card; it simply converts to credit card debt, and the interest on that amount can become just another unpayable bill.
Bankruptcy isn’t right for everyone, and in most situations preventive measures can be taken before bankruptcy becomes necessary. A good bankruptcy lawyer can recommend the measures that are in your own best longterm interests. When you’re falling into debt, you need to get help before it gets worse. If you’re anywhere in the Chicago area, get the sound legal counsel and help you need by speaking with an experienced Chicago bankruptcy lawyer as quickly as possible.
