The Main Reason For Bankruptcy

When you consider why so many people file for bankruptcy in the Chicago area, you may think that poor spending habits, credit card debt, a lack of savings, or unemployment cause most bankruptcies. You’d be wrong. The number one reason for bankruptcy in the United States is medical expenses. If you’re facing overwhelming medical debt and you’re considering bankruptcy in the Chicago area, before you take any action, take the time to discuss your circumstances and options with an experienced Chicago bankruptcy lawyer.

For many, when required medical care is extensive, even health insurance doesn’t provide enough help to make medical treatment affordable. Even if they aren’t forced to file for bankruptcy, medical debt is a huge problem for many; twenty percent of the adults in the United States – about 56 million of us – have medical debt. Since medical costs tend to increase with age, many of those over 65 may have a devastating level of medical debt beyond any insurance or government assistance.

If you are burdened by medical debt that you believe can never be paid, it’s essential to understand the complete range of legal options available to you. For example, you can sometimes negotiate a payment plan with your healthcare provider if you are honest about your financial situation. You also want to make certain that you haven’t been over-billed or double-billed for any medical product or service and that your medical bills accurately reflect what you actually owe. Even the wealthy can quickly be brought down by medical debts, and the more you owe, the fewer options you have. Bankruptcy isn’t the right option for everyone, and it may or may not be right for you. In the Chicago area, if you’re being overwhelmed by medical debts – or any other kind of debt – get the help you really need and consult right away with an experienced Chicago bankruptcy lawyer.