Medical Bills: A Common Reason to Declare Bankruptcy
Due to the economy and unemployment rate, more and more Americans are either without insurance or uninsured. As a result, unexpected medical emergencies and chronic health conditions have left many deep in debt due to medical bills. As a number of articles have pointed out in recent years, medical bills are now a common reason why people file for Chapter 7 or Chapter 13 bankruptcy. Since medical bills create financial strain in other areas of an individual’s or family’s life, understanding how medical bills can be discharged through bankruptcy is important for reestablishing financial stability without losing your home, car, or draining hard-earned savings and other assets.
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