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When Medical Bills Are Exorbitant, Consult a Bankruptcy Attorney

When Medical Bills Are Exorbitant, Consult a Bankruptcy Attorney
"""It should come as no surprise that, when the economy is sluggish, a large number of individuals seek a competent bankruptcy attorney. Indeed, unemployment rates are soaring and people are unemployed. People find themselves upside down on their mortgages and unable to pay even the monthly costs of maintaining their homes as housing prices plummet. What may surprise you, however, is that even in recent times of severe economic turmoil, housing and unemployment have not prevented people from surviving. In the majority of cases, the primary cause of financial insolvency is escalating medical expenses.

According to a study conducted by researchers from Ohio University, Cambridge Hospital, and Harvard Medical School, sixty percent of bankruptcies in 2007 were the result of medical bill arrears. Since then, studies and statistics indicate that these figures have consistently increased. Some of them were exacerbated by the loss of income resulting from being unable to work due to the illness that caused the expenses in the first place.

This illness affected both persons with and without health insurance. Even those with health insurance were discovered to be grossly underinsured when it came to paying for necessary medical care. After the insurance funds ran out, these individuals were left with medical expenses averaging $17,500. Those without insurance were obviously hardest affected, with an average of just over $26,000 in medical bills.

According to the study, health insurance is almost always linked to employment. This is because of the expensive nature of customized plans. This meant that when a person lost their job due to medical issues, they frequently also lost their medical coverage, leading them to seek out a bankruptcy attorney to help them escape their overwhelming debt. During a time when the word """"recession"""" was on everyone's lips, many individuals had already lost their employment due to layoffs. The majority of these employers canceled their insurance plans within a year, with the majority doing so immediately.

While these findings appear to call for additional healthcare reforms, they also urge Americans to alter their diets and increase their levels of physical activity. By adhering to healthier living guidelines, the majority of illnesses and diseases are preventable. It is possible that eating more fruits and vegetables and less alcohol and fatty treats could not only lead to a longer life, but also prevent a visit to a bankruptcy attorney.

" - https://www.affordablecebu.com/
 

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"When Medical Bills Are Exorbitant, Consult a Bankruptcy Attorney" was written by Mary under the Finance / Wealth category. It has been read 119 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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