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Medical debt leaving people’s finances in critical condition

When the subject of debt is discussed, most often people probably think about mortgages, car loans or credit card debt. However, there is another kind of debt, which is actually a huge problem for many people across the country, which may not get as much attention. However, medical debt is actually very common in the U.S., including here in the Tampa Area.

In fact, according to a new report from NerdWallet Health, medical debt is expected to be the leading cause of bankruptcy filings in the U.S., even outnumbering mortgage debt and unpaid credit card accounts. Although it may seem that this is only a problem for those who don’t have insurance and can’t afford to pay their bills, medical bankruptcies are actually more commonplace amongst those who have health coverage.

The reason people with coverage have to file for bankruptcy is often due to all of the out-of-pocket expenses that go along with medical bills that insurance doesn’t cover. For example, co-pays, traveling to-and-from appointments, missed work time and other related expenses are all things that can add to a person’s debt, which can eventually lead to them being unable to pay it off.

Unfortunately many people who find themselves in this kind of situation have to end up filing for bankruptcy. Although bankruptcy is usually a last resort, sometimes it’s the only way out of debt, including medical debt. If you are overloaded with medical debt, then now may be the right time for you to discus your situation with an experienced bankruptcy attorney.

Source: Fox Business, “Medical bankruptcies are still a problem, here's what to expect,” Donna Fuscaldo, Feb. 18, 2014

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