Bankruptcy laws help people who have had major life events that significantly reduced their income, increased their bills or both. If you have lost your income, gotten divorced or incurred significant medical bills, bankruptcy may be the right option for you. Church and Korhonen are Upper Peninsula bankruptcy attorneys who can help.
Medical bills are now the number one reason most Americans file bankruptcy. Nerdwallet Health conducted a study about the impact of medical bills on consumer debt and found this:
One in five American adults will struggle to pay medical bills this year. A sudden accident or frightening diagnosis can touch virtually anyone, unleashing mountains of bills even on the insured. In fact, medical bills are the leading cause of personal bankruptcy, a last resort after millions of families have drained their savings, maxed their credit cards and even refinanced their homes. To further understand the complexity of health costs, NerdWallet Health has compiled a series of estimates highlighting the strain of medical bills in 2013.
NerdWallet estimates for 2013:
- 56M Americans under age 65 will have trouble paying medical bills
– Over 35M American adults (ages 19-64) will be contacted by collections agencies for unpaid medical bills
– Nearly 17M American adults (ages 19-64) will receive a lower credit rating on account of their high medical bills
– Over 15M American adults (ages 19-64) will use up all their savings to pay medical bills
– Over 11M American adults (ages 19-64) will take on credit card debt to pay off their hospital bills
– Nearly 10M American adults (ages 19-64) will be unable to pay for basic necessities like rent, food, and heat due to their medical bills
- Over 16M children live in households struggling with medical bills
- Despite having year-round insurance coverage, 10M insured Americans ages 19-64 will face bills they are unable to pay
- 1.7M Americans live in households that will declare bankruptcy due to their inability to pay their medical bills
– Three states will account for over one-quarter of those living in medical-related bankruptcy: California (248,002), Illinois (113,524), and Florida (99,780)
- To save costs, over 25M adults (ages 19-64) will not take their prescription drugs as indicated, including skipping doses, taking less medicine than prescribed or delaying a refill
“In 2013 over 20% of American adults are struggling to pay their medical bills, and three in five bankruptcies will be due to medical bills.
Church and Korhonen, PC – Upper Peninsula Bankruptcy Attorneys
If you have experienced significant medical expenses, a divorce or loss of income, bankruptcy might be your best option. Consult with a experienced bankruptcy attorney like Upper Peninsula Bankruptcy Lawyers: Church and Korhonen, PC if you live in the Upper Peninsula of Michigan by calling (800)758-5611.
Bankruptcy may provide you with hope and a fresh start.