All bankruptcy attorneys are not created equal. Schedule A Free Case Evaluation
Nowack & Olson, PLLC
Let’s do this together.
Speak with one of our professionals.
888-813-4737

Bankruptcy: the true cost of medical bills

For the countless Miami, Florida, residents contending with substantial medical-related debts, the gravity of the issue is well understood. In fact, it’s no surprise to many Americans that financial challenges stemming from unmanageable medical bills account for a huge percentage of Chapter 7 bankruptcy cases filed every year. That is why seeking the advice of a trusted bankruptcy law attorney in the face of insurmountable credit card debt and medical costs can go a long way to ensure one’s financial security and peace of mind.

According to the CDC, the increased effectiveness of prescription medications in treating many chronic medical conditions like diabetes and hypertension is contributing to the financial difficulties of millions of people across the country. Almost 30 percent of individuals that participated in one recent study admitted to opting out of taking their medication because they couldn’t afford it. Interestingly, a little more than 20 percent people with medical coverage made the same admission. It is also estimated that the vast majority bankruptcy filings are a result medical debt, according to another report.

The Affordable Care Act (ACA) is expected to play a significant role in the medical costs of Americans; though, it’s difficult to say what that role may be. The share of cost incurred by individuals covered under ACA and employment-related medical plans is on the rise, and some insurance plans do not cover prescriptions.

Because so many Americans are facing high insurance costs coupled with expensive medication bills, they are unable to live within their household budgets. Consequently, millions of dollars in credit card debt is being accumulated by people forced to use their credit cards to cover personal expenses. And, unfortunately, the cycle too often ends in bankruptcy.

Source: cnbc.com, “Medication costs fuel painful medical debt, bankruptcies,” Dan Mangan, May 28, 2014

No Comments

Leave a comment
Comment Information

We take your situation as seriously as you do.

Start with a Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

What Our Clients Say:

Back
  • "Maria please let Attorney Olson know how pleased I am with the results of my home loan modification with Bank of America. I am so grateful for all of their hard work, especially since my house was a gift from my parents, I prayed not to lose it to foreclosure....."

    Cassandra M.
  • "We received last Friday our bankruptcy discharged letter for the trustee.
    We want to thank you very much for your services in our bankruptcy file.
    We are very pleased and happy with your service, you are so professional, courteous, organized and fast.

    We will recommend you every time we can.
    God Bless You!"

    Yazmin & Ricardo D.
  • "MY EXPERIENCE WITH MITCH AND CHRIS AND U WERE JUST A GREAT EXPERIENCE I WANTED TO GIVE UP PRIOR TO U GUYS.. DON'T WANT TO FORGET ABOUT LEO, HE'S ALSO GREAT PERSON..COMMUNICATE REALLY GREAT WITH ME,,ACTUALLY ALL OF U ....I CAN EMAIL OR CALL .U ALL ALWAYS REPLY TO ME....."

    Tonya C.
  • "I was very pleased with work of Nowack & Olson, and way you guide me through all process of bankruptcy and loan modification. I received good care and was informed on every step of it. Thank You very much. You save my life!"

    Kasia D.
  • "Just wanted to thank you again for helping my wife and family through a tough time. We are finally starting to get back on our feet and building back our nest egg. We have stabilized our income again, and see the light at the end of the tunnel. I remember one of your tag lines was helping good people through bad times... That always rang true with us....."

    Peter R.
  • "After a rather distasteful experience with a Foreclosure Attorney I was apprehensive to say the least to hire an Attorney to handle our Bankruptcy. After some internet searches and research I found Christian Olsen, and after our initial consultation my wife and I retained his services....."

    Bobby and Tanya
  • "I am a teacher who reaped the rewards of a profitable side business until shortly after the recession. I struggled to keep my business afloat until I finally threw in the towel. Between personal and business debt, I was suffocating in bills....."

    Richard C.
Read More Testimonials

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.