Medical bill debt is a massive drain on an economy already weakened by the recession. While you can debate the endless cycle of higher medical costs and lower incomes forever, the fact of the matter is that millions of Americans are going under because of the inability to pay their medical bill debt. Health insurance is closely linked with employment and the higher rate of employment means that millions of Americans are going without adequate medical insurance which leaves them open to huge amounts of medical bill debt when they need medical assistance.
Medical bill debt can very quickly become a financial drain, even on people who have medical insurance. If you need emergency, or chronic and ongoing health care, the financial consequences can send you reeling into debt and out of control. Many people wait until it is too late to protect themselves against a debt catastrophe. If you’re in the situation and the medical bill debt collection agencies are starting their daily litany of phone calls to your home, then you need to seize control and talk to a Chicago bankruptcy attorney.
The problem with medical bill debt is that it is usually reported very quickly to the credit bureaus. Having poor credit is the first step on the negative financial woes scale. Poor credit means that you are charged higher interest rates by lending institutions. In many cases you may not be able to get any further credit from banks. Getting a new job can be affected by having a poor credit record. The only way to avoid this is to talk to your service provider as soon as you get a medical bill debt that you know you will not be able to pay. If you are unable to do this, or have let it slide then you need to consider other means of protecting yourself financially for the future.
Bankruptcy may just be the protection that you are looking for. Remember that bankruptcy is not a dirty word. It does not mean that you have failed to achieve or provide. It is a recognized legal institution that affords Americans the protection that they need to face the future again after a bad setback. Bankruptcy is not a way out, it is a way forward on the road through the recession. If you have consulted with a bankruptcy attorney in Chicago, then you are not alone. Over 60 percent of all bankruptcies filed in America are due to medical bill debt, and the problem is that medical bills are excessive.
Contacting a professional bankruptcy attorney is a prudent and valuable resource if you are struggling under medical bill debt and your attorney will guide you through the process of declaring bankruptcy and discharging your medical bill debt forever.