One of the most common reasons why people file for bankruptcy involves medical debt. That’s because many medical procedures can cost hundreds of thousands or even millions of dollars. And during the recovery stage, many people cannot work for weeks or months or even years.
Most people think medical insurance will take care of everything. But often, that’s not the case. Suddenly, many families find themselves in financial debt because of a serious injury or illness. And often, the only way to get out of debt is to file for bankruptcy.
Our experienced South Carolina bankruptcy attorneys at Benjamin R. Matthews and Associates, LLC can help you every step of the way. We thoroughly understand how the legal system works and we can explain all the legal options available to you.
Many people only think about the short-term costs associated with an operation or another medical procedure. But that’s often only the beginning. If you have a serious injury or medical condition like cancer or heart disease, you will likely need extensive follow-up treatment for many months or years.
During your recovery, you will likely not be able to work. Your medical insurance will likely not cover non-medical expenses, such as your rent, car payments, groceries, utilities and other regular monthly bills.
And then there’s the long-term financial impact of a serious medical condition. You might not be able to return to work. Or even if you can, you might have to cut back on the number of hours you work each week. All of these things add up. That’s why so many people dealing with a serious medical issue choose to file for bankruptcy.
Some people do not want to file for bankruptcy if they have significant financial debt due to medical expenses. Even though it’s a smart solution for many people’s financial problems, they don’t want to do so because they believe there’s a stigma associated with filing for bankruptcy.
But it’s important to remember that you didn’t do anything wrong. And if you don’t get financial help soon, you could lose many of the things you worked so hard to obtain throughout your life. That’s why it’s critical that you contact us as soon as possible.
We can offer you honest advice about the best solution to your financial situation. Depending on a variety of factors, filing for Chapter 7 or Chapter 13 bankruptcy might be the way for dealing with your medical debt. You have options. And we can help you explore them.