Medical debt is one of the most common debt which the American citizens face today. In fact, you will be surprised to know that approximately 72 million Americans are struggling to pay off their medical debt. This actually means, more than 40% of the working citizens are struggling with medical debts today! Of course, there are multiple reasons why people fall in a debt, but surprisingly, medical debts is one of the most common one so far. In fact, as per the statistics and reports, the millennials are the one who are falling under the medical debt faster as compared to the other generations.
You would know the situation better if you are undergoing the same situation as well. The stress level is quite high and you can think about nothing other than getting relieved from your debt. Each money spend towards buying the medicine ends up increasing your debt. Ultimately, you end up paying only the medical debt interest and not the actual sum of money that you owe.
So, what do you think you should do in this situation? Should you go for Chapter 7 Bankruptcy? Probably yes, because, filing for Chapter 7 bankruptcy will help you get rid of all the unsecured debts which also includes your medical bills. Also, as there is no limit mentioned for unsecured debts under Chapter 7, it may also be possible that the entire medical debt which is bothering you, will be eliminated in one go.
As scary as it may be, filing for bankruptcy would always be the better option from spending your entire life in debt. In fact, filing for bankruptcy under chapter 7, gives you major chance that you may get freed from your otherwise never ending debt. Also, if you opt for filing for bankruptcy, there are higher chances that your life will be better along with multiple options that you will get to improve your financial stability along with the future planning.
Should you use bankruptcy to be rid of medical debt?
We, at Recovery Law Group, Dallas, will help analyze your cause of worry in detail before rendering any solution. We will help and explain you all the benefits related to filing for bankruptcy under chapter 7 for medical debts and implement all the best legal tools to help you come out of the current situation. At Recovery law group, you will find experience attorneys who have previously dealt with similar cases handling your case. Not only will they give you the best way forward but also guide you with any other alterative available in your case. For further clarification on your case, you can contact the firm at 888-297-6203.