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Bankruptcy Saves More and More Americans from Drowning in Medical Bills

Getting into debt is often the result of a catastrophic event. Many folks are losing their jobs, having to dip into their savings to pay the bills, and more. A serious illness can be just as detrimental. And the ideas about medical insurance change every year—leaving some in the dark when it is time to pay their medical bills.

An estimated 62% of people who file bankruptcy do so under the tremendous stress of medical bills. That number has increased by nearly 50% in the last six years. The Center for Studying Health System Change found in their research that 1 in 5 families are suffering from the stress of medical bills—and this was before the recession.

I’ve seen people that have medical bills that could take them years and years to pay. It only takes one big hit to knock a family off its feet; and it is hard to stand back up after a serious medical emergency, especially one with long-term treatment. Since that debt is unsecured, Chapter 7 Bankruptcy can usually eliminate it. It’s no wonder that so many people have turned to bankruptcy to help them get through medical debt.

If you’ve been suffering under the stress of medical debt, there are options for relief. You would be well-advised to find a bankruptcy attorney near you that would talk to you for free about how you can handle your debt.

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