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Medical Bills Are The Leading Cause of Bankruptcy Filings

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Medical Bills Are The Leading Cause of Bankruptcy Filings

USA Today analysis of government statistics found that uninsured Americans leave hospitals with unpaid bills of up to $49 billion per year. Medical bills are the leading cause of bankruptcy filings in the United States, a Harvard University study found. According to Bloomberg Businessweek, 78 percent of the 2,314 bankruptcy filers in the study had more than $5,000 in medical bills, mortgaged their home to pay for the bills, or lost significant income because of an illness.

Georgette Miller & Associates knows the frustration that people have when a catastrophic medical emergency threatens to wipe out their savings account or sends them spiraling into uncontrollable sea of debt. Consult with one of our bankruptcy attorneys today to figure out how to salvage your financial future and move on from your medical nightmare. According to USA Today, on average, an uninsured family can pay only about 12 percent of their hospital bills and associated health care costs.  Even if a family is insured, they still often find themselves on the hook for high medical bills resulting from out-of-network Doctor’s visits and exorbitant co-pays.

According to the American Bankruptcy Institute, more than 141,000 people in NY, NJ, PA and DE filed for bankruptcy last year. That’s over a two-fold increase from 2007, when about 70,000 people statewide filed for protection under bankruptcy laws.

It can be difficult to fend off calls from hospitals, specialists and other medical professionals when you’re trying to recover. A bad accident that wasn’t your fault or an unexpected medical emergency can leave you reeling in debt. But the good news is you don’t have to do it alone.

Whether you need to consider Chapter 7 bankruptcy or Chapter 13 bankruptcy, let Georgette Miller & Associates help you use the law to your advantage. Filing for bankruptcy may be an avenue to get rid of medical bill debt that you can’t seem to get away from.