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Bankruptcy may be a powerful way to erase pressing medical debt

The Kaiser Family Endowment estimates that medical debt is the primary source of personal bankruptcy filings in the United States, including in Florida. Surprisingly, this includes those persons who have a health care insurance policy. The fact is that these policies are simply not covering the burgeoning expenses of health care and are passing on big chunks to the consumer, who often then is compelled to file a bankruptcy to escape the impossible financial demand made on the family.

The percentage of Americans who are insured and still incur cash outlays for medical services is substantial and may go as high as 40 percent. This reveals another shocking fact about our health care deficiencies: it is not just uninsured Americans who are struggling with the overwhelming health care costs, but those who are insured are also getting into serious financial trouble. Many individuals and families are ending up in a financial bind because they are putting out their savings to try and keep up with their medical debt.

The problem foresees the need for tough controls over private insurance giants. It also portends a new belt-tightening by Americans to try and get by in a less-than-friendly economic system. Better insurance plans and products are needed to cover the extent of the problem. The effect on the family's future is becoming a real issue of how to survive in the decades ahead.

Filing a Chapter 7 Bankruptcy, if qualified to do so, is an answer that will at least free the family from the pressure of stifling medical debt. A Florida married couple will be able to erase all medical debt quickly and permanently in a typical bankruptcy filing. The best way to determine whether one is qualified for such relief, and its impact on other financial issues, is to seek a free consultation from an experienced consumer bankruptcy attorney.

Source: USA Today, "This is the No. 1 reason Americans file for bankruptcy", Maurie Blackman, May 5, 2017

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