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Impact of Medical Bills on Bankruptcy Filing Trends

The financial burdens that cause Georgians to seek the protection of chapter 7 and chapter 13 bankruptcy have steadily increased since the recession began in 2008. Of these burdens, the most significant cause of bankruptcy filings are medical bills. In a recent study it was estimated that nearly 2 million people across the United States will file bankruptcy this year due to unpaid medical bills. That number significantly outpaced bankruptcies filed due to late credit card bills, mortgage payments, and judgments from lawsuits. An additional 56 million Americans, over 20 percent, will accumulate medical bills that will not be paid off this year.

High medical deductibles, time missed from work, or an inability to resume one's career can result in wage garnishments, foreclosures and repossessions. Hospitals and other medical providers can be some of the most aggressive creditors when it comes to collecting unpaid bills. Tactics such as unyielding robocalls and threats from creditor lawyers can make life even more stressful.

A chapter 7 or chapter 13 bankruptcy can stop the calls and other collection tactics. Depending on the amount of assets owned by a debtor, filing for bankruptcy protection can either wipe dept out entirely or provide a manageable path to realistically paying back a reduced amount of the debt. Douglas County Bankruptcy Lawyers will evaluate your case and access the best course of action for you to take.

Source: Medical Bills Are the Biggest Cause of US Bankruptcies by Dan Mangan

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