Many people need medical attention but don't have the funds to pay for it. As a result it's not terribly surprising that medical bankruptcy comes up as a possible solution.
Here's a simple FAQ to help demystify the medical bankruptcy process a bit--and help you decide if it might be something that can help you.
FAQ No1: Do I Actually Need It?
If you're overwhelmed by your mounting medical debt, and don't see any way to discharge it in the foreseeable future, then...yes....medical bankruptcy is probably the best recourse for you.
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Whatever you do, do not just avoid the problem. It will not go away.
Tip: Before you plunge into this process, talk to people who've been through it. It will give you a good sense of hte pros and cons and make you feel prepared for what comes.
FAQ No2: Settling Debts?
Those who declare medical bankruptcy will have this on file for a number of years and this declaration can affect an individual's ability to acquire credit for many years to come.
This may be why some people go with debt settlement instead. With an ability to discharge nearly 60 percent of unsecured debt, going through a reputable debt settlement company can be a great way to go.
When looking at a medical debt settlement option, you have to be certain the company is legitimate. (You might lose more money than you save, if not.)
Tip: Start by contacting the hospital or doctor office to see if they can set you up with a payment plan. You might find them receptive.
FAQ No3: Do I Need a Lawyer?
Well the long answer would be...YES! Medical bankruptcy can have a huge impact on your financial well-being and you need a professional to walk you through it.
That being said, be sure to find an attorney who specializes medical bankruptcy. (This is no credit card bankruptcy.)
Tip: Talk to past clients to find out if the lawyer will be effective and competent.
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