Each year, countless Indiana residents undergo medical treatments and procedures to maintain their health. However, it is no secret that medical care in this country can be expensive.
Approximately 100 million adults across the country are struggling to pay off their medical debt. Even patients with health insurance struggle with medical debt because they cannot afford to pay the deductibles required for their insurance plan to kick in.
A recent study by the Urban Institute shows that 61% of adults with medical debt owe $1000 or more. Approximately 73% of adults with medical debt owe money to hospitals, as hospitals are often where the largest bills come from.
How can I eliminate medical debt?
While most forms of debt are avoidable, medical debt for the most part is not. Health problems are often unexpected and when they occur, you have no choice but to undergo costly treatments.
The bills can add up quickly, especially if you do not have adequate insurance. If you do not pay your bills, your creditor may attempt to collect the money through property liens and wage garnishment.
If you are interested in eliminating medical debt, you have some options. In some cases, you may be able to qualify for financial assistance programs provided by the hospital. If you are facing overwhelming medical debt, an attorney may be able to help, your attorney can help you file for bankruptcy.
If you qualify, Chapter 7 bankruptcy is often a good way to discharge all medical debt and other unsecured debt. If you do not qualify for Chapter 7 bankruptcy, you may consider filing for Chapter 13 bankruptcy, which allows you to consolidate your debt and pay it off by making monthly payments for the next 3-5 years.
