Medical Bankruptcy Attorneys in Springfield, MO
At Reynolds and Gold Law, we understand how overwhelming your medical debt might seem. For those who’ve had an unexpected illness or injury, a trip to the hospital can cost thousands of dollars, and without adequate insurance, those healthcare costs can pile up quickly over time.
This isn’t an uncommon problem. In fact, according to the US Census, 26.1 million Americans went without health insurance in 2019. Not to mention, 43.4 percent of Americans are considered inadequately insured. If you’re a part of this group, an ambulance ride, an elective surgery, or some other kind of medical event and the costs associated with it can drive you towards bankruptcy. If you find yourself in a similar situation, we can help.
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At this point, you might be wondering what the best solution is to help clear your medical debt. One solution available to you is Chapter 7 bankruptcy. Contact our experienced team of bankruptcy attorneys today for a free consultation. We have years of experience helping people throughout Springfield and Southwest Missouri file for bankruptcy and get out of medical debt. During this initial consultation, we’ll determine if filing for bankruptcy is the right choice for you.
How Often is Bankruptcy Caused by Medical Bills?
We know how alone you might feel as you struggle to clear your medical debt. You might feel like you’re the only one going through what you’re going through. In our experience, you are far from alone. In fact, unpaid medical bills are one of the most common causes of bankruptcy.
According to one study, medical bankruptcy accounted for 62.1% of total bankruptcies in the United States. For low-income households, 26% of bankruptcies were significantly impacted by out-of-pocket medical costs. The point being, you’re not alone in your struggle with medical debt.
Can Bankruptcy Help Me Get Rid of Medical Debt?
The answer is yes. Medical debt is considered unsecured debt and can be discharged or forgiven when you file for bankruptcy. Depending on the type of bankruptcy you file, medical can be relieved more quickly. More specifically, if you file for Chapter 7 bankruptcy, you can eliminate your medical debt in a few months. If you file for Chapter 13 bankruptcy, you will be required to adhere to a payment plan, which means you will be required to pay back some, not all, of your medical debt. The type of bankruptcy you file will depend on several factors, including your monthly income, the assets in your possession, the amount of debt you’ve accrued, and more. During your initial consultation with the bankruptcy attorneys at Reynolds and Gold, we’ll discuss what type of bankruptcy makes the most sense for you.