How can an unexpected medical event result in bankruptcy?

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As unfortunate as it is, when a person is diagnosed with a medical condition, not only will they have to face the physical ramifications of that diagnosis, but they will also have to face the financial ramifications as well. The United States is notorious for its high cost of health insurance and medical bills. If you are unexpectedly rushed into surgery or have been ordered to go through extensive treatment for a medical condition, there is a good chance that you were not financially prepared to pay for these expensive procedures.

For example, millions of Americans have been diagnosed with cancer. Some fight these battles for years. Statistics show that cancer drugs can cost upwards of $10,000 per month, and on average, 20-30% of that is paid out of pocket. This can cost an individual between $24,000 and $36,000 each year. Additionally, this cost is only one of many costs associated with having cancer, and only accounts for about 24% of what a person would have to pay. They also must consider the cost of hospital visits, outpatient facilities, and physician fees. Any time a complication arises that would require a person to be hospitalized, you have yet another bill.

If you have undergone expensive treatment for a medical condition that you simply cannot afford and are receiving calls from hospital bill collectors, etc., you may want to speak to an attorney about filing bankruptcy. During such a difficult time, the last thing you need is additional financial stress and wondering how you will support your family. You may be out of work for some time, which can result in lost wages. Upon filing for bankruptcy, the calls from debt collectors will stop, your home will no longer be in foreclosure, and above all, many of your medical bills may not have to be paid back.

If you need assistance from an experienced bankruptcy attorney, please contact our firm today.

If you require the services of an experienced bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options.