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Medical bills: the number one reason to file for bankruptcy

New Jersey residents may not be surprised that the costs associated with health care are on the rise. Even people with insurance could be left with thousands of dollars in out-of-pocket medical expenses they cannot pay. For this reason, one government study puts medical bills at the top of the list of reasons why Americans file for bankruptcy.

One out of every four families in the United States encounters problems making payments on medical expenses. One out of every ten families is unable to pay their medical bills at all. Financial problems can be even worse for people who suffered significant injury in an accident or suffer from a chronic illness.

The government study also indicates that the majority of families who are unable to afford medical care live either at or below 250 percent of the poverty level outlined by the federal government. Another study speculates that approximately 70 percent of people who struggle with medical debt do not have health insurance. Many people around the country and in New Jersey hesitate to even go to a doctor for fear of the costs associated with medical care.

For people with no other choice but to seek medical care, medical bills can add up quickly. After spending an indeterminate amount of time trying to pay their medical bills, numerous patients realize it is simply not possible. At that point, filing for bankruptcy could give families some much-needed breathing room to sort out their financial situation. If the family receives a discharge, the chance of a full financial recovery could be on the horizon.

Source: wreg.com, Most Americans Struggle To Pay Medical Bills, Melissa Moon, Feb. 6, 2014

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