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Medical bills one of top reasons for personal bankruptcy

Posted on Tuesday, July 2nd, 2013 at 9:11 pm    

According to price-comparison website NerdWallet Health’s vice-president Christina LaMontagne, rising medical bills will be the cause of 1.7 million American household bankruptcies this year, surpassing credit card bills and mortgage payments.

LaMontagne said 25 million people in the U.S. hesitate to readily treat their illnesses due to low funds, which is dangerous because they typically actually worsen their financial situation with emergency visits to the hospital and ambulance costs.

Even those millions of Americans who have year-round health coverage are still subjected to high amounts of bills, with 11 million people expected to take on additional credit-card debt to pay for medical bills, LaMontagne said.

Moreover, 15 million people will use up their savings to cover medical bills, while another 10 million people will have to forgo rent, food, and utilities payment in order to cover medical payments, NerdWallet estimates showed.

Filing for bankruptcy is often a viable option for people facing mounting debts, allowing them to often take control of their financial situation. Should you decide to file for personal or business bankruptcy, talk with a lawyer at Russell Van Beustring P.C., by calling 713-973-6650.

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