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Helping People Get A Fresh Financial Start to Regain Financial Independence

Helping People Get A Fresh Financial Start to Regain Financial Independence

The overwhelming nature of medical debt

On Behalf of | Feb 28, 2022 | Eliminating Medical Debt

Many face the overwhelming struggle of medical debt. Half of all Americans have to deal with the stress of medical debt every day. Those struggling with the strain of medical debt should be familiar with the legal resources that may be able to help and protect them.

The overwhelming nature of medical debt

Greater than half of Americans who carry medical debt have greater than $1,000 in medical debt. One study revealed that debt collectors hold $140 billion in medical debt which does not likely account for all of the medical care that is out there. With all categories of medical debt including, including medical debt on credit cards and that has not reached collections yet, Americans may carry as much as $1 trillion in medical debt. Medical debt has been a problem for Americans for some time.

The majority of medical debt it held by those who are unable to pay it. There are different options available that may be able to help those impacted by medical debt. One option to consider may be personal bankruptcy options that can potentially help with medical debt and overwhelming debt many Americans struggle with each day.

There are two types of personal bankruptcy options including Chapter 7 bankruptcy and Chapter 13 bankruptcy. Both options can help with medical debts and other types of debts and the best option depends on the position of the filing party that is seeking debt relief. For that reason, it is helpful to be familiar with all of the potential solutions available including personal bankruptcy options.