Medical expenses are the most frequent reason U.S. residents file for bankruptcy protection. Even when men and women have health insurance, their medical expenses may become too high for them to pay. Bankruptcy offers a way to start fresh without overwhelming debt looming over them. A Cheap Bankruptcy Attorney In Olympia WA helps these clients file for Chapter 7 to discharge all their qualifying debt.
An Example
Consider a person with a health insurance deductible of $5,000. That may be the required deductible from the employer or it may be the amount chosen by an individual to make the premiums affordable. The co-pay might be 20 percent. Although many people view health insurance primarily for catastrophic purposes, a severe illness or injury can leave them with extremely high medical bills. If there is not much of a savings account for a safety net, the person will struggle to make payments, especially if he or she is out of work during treatment and recovery.
Expert Insight
A survey conducted by the American Cancer Society found some disturbing results. It indicates that most U.S. residents have experienced a financial hardship related to medical problems at some point, many of them just within the previous year. Millions of people have a difficult time paying medical bills. They may delay seeking treatment because they know they cannot pay.
Another survey found that a full 25 percent of U.S. residents delay seeking healthcare services for more than a year if they earn less than $50,000 annually. This makes it clear just how difficult paying for medical care is in the 21st Century. When someone has become overwhelmed with medical debt, a lawyer such as Rafal Gorski can help this person file for bankruptcy.
Considerations
The Affordable Care Act allowed many uninsured U.S. residents to obtain health insurance, but many still do not have this benefit. They may sign up for it when the Marketplace opens, only to find a few months later that they cannot afford even a small premium. If they receive medical care and have a large amount of expense outstanding, a Cheap Bankruptcy Attorney In Olympia WA can help.
