It’s well known that medical debt is one of the top reasons for bankruptcy in the United States. In other countries, citizens benefit from tax-funded healthcare, so they don’t have to privately pay for all of these expenses. But in the United States, the majority of...
Medical Debt
Medical debt is the top-reported cause of bankruptcy filings
The average person's beliefs about bankruptcy are not as grounded in reality as one might think. A surprising number of people assume that irresponsible financial management is the leading cause of personal bankruptcy. They hear new stories about people carrying high...
How is medical debt handled in bankruptcy?
People may choose to file bankruptcy for many different reasons, ranging from job loss to an unsuccessful attempt to start a small business. However, when looking at the most commonly-cited reasons for personal bankruptcy filings, one issue stands out more than most...
Medical creditors can be some of the most aggressive
Hospitals and other healthcare providers often try to develop a brand based on competence and compassion. Patients expect that those treating their medical concerns will truly want them to be as healthy as possible. Many modern doctors now employ a more holistic...
Could unexpected medical care lead to bankruptcy?
What would happen if you suddenly needed medical care? Odds are you wouldn’t consider the financial side of it very seriously at all. You would just get the care that you needed, especially if it was life-saving or would provide you with a drastically higher quality...
Why those with health insurance often still end up with medical debt
Health insurance assists people with the basic costs of maintaining their health and treating any concerns that arise. People trust that the health insurance they purchase or receive through their employer will allow them to get the care they require if they have a...
How much should you sacrifice trying to pay off medical debt?
It might surprise you to learn that many Tennessee residents tried extremely hard to pay their debt before filing a bankruptcy. From working multiple jobs to selling the car and walking, most have tried everything to accommodate their debt—especially medical debt. Why...
How many U.S. hospitals aggressively pursue medical debt from patients
Hospitals are a vital part of the public health system. You go to the hospital when you are very sick or badly injured and need expert medical treatment. However, life-saving treatment is not free, as anyone who has ever undergone it can tell you. Even if you have...
Are you drowning in medical debt? You’re not alone.
There are few feelings as awful as being inundated with debt that you struggle to repay over the course of many months or years. It is even more frustrating when you had to take on that debt not for something that you chose to purchase, but to take care of serious...
How can you escape your medical debt?
If you tell someone you are thinking of filing for bankruptcy, they may assume you have been too free and easy with your credit cards. Yet, often the reason people max out their cards is to cover medical bills. A 2018 report found that 530,000 families who filed for...