How Common Are Medical Bankruptcies?

  • Medical Bankruptcies

How Common Are Medical Bankruptcies?

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If there is news of a foreclosure happening, a bankruptcy is most likely to happen soon. Los Angeles based bankruptcy law firm Recovery Law Group says that the number of bankruptcies caused due to high amount of medical debt is mindboggling. This happens despite nearly 78% people having health insurance. The gaps in insurance often cause people to incur heavy medical debt which might cause them to file for bankruptcy. In 2009, as many as 60% bankruptcy cases were attributed to medical debts. As per statistics available, in 2012, bankruptcies filed due to medical debts had reduced by 20% but that could possibly be due to an increase in foreclosure rate with people filing for bankruptcy to avoid foreclosure.

When you are filing for bankruptcy, the timing is extremely important if you wish to get your debts discharged. If you file for bankruptcy before you have recovered from illness or surgery, you might end up getting debts discharged up to a certain time, with more debts accumulating later that you will have to pay. Filing for bankruptcy once, will make you ineligible for filing again, even under any other chapter for 8 years. If you have huge medical bills which are troubling you and might be the cause of your bankruptcy, it is important that you call 888-297-6023 to consult with experienced bankruptcy lawyers regarding your options.