We have previously mentioned how challenging it can be to become suddenly and unexpectedly overwhelmed by medical debt. Fiscally responsible Americans at virtually every income level can have their finances dramatically affected by an unexpected illness, injury or accident. In fact, overwhelming medical debt is now widely cited as the primary reason why Americans file for personal bankruptcy.
Thankfully, some positive news concerning medical debt has recently been released. A survey conducted by the Commonwealth Fund has determined that the number of Americans who are struggling under the weight of overwhelming medical bills has declined for the first time in a decade.
This positive news is most welcome. However, it is important to note that while fewer Americans are struggling with this particular kind of debt, millions of Americans are still overwhelmed by medical bills. And unfortunately, every major illness or injury that is unforeseen will continue to pose a financial risk for those affected by it.
If you are struggling with overwhelming medical debt, you are not alone. Please consider contacting an experienced attorney who may be able to guide you either through bankruptcy or other forms of debt relief. These proactive measures may enable you and your loved ones to regain a stable financial footing, even if an injury or illness has left your finances drained. Too few Americans seek this kind of support because they are either unaware of its existence or are ashamed of their plight. However, this kind of situation can happen to anyone and resources designed to help those who need it are generally available.
Source: New York Times, “Signs of a Decline in Financial Distress Connected to Medical Bills,” Margot Sanger-Katz, Jan. 15, 2015