Don’t Let Medical Debts Ruin Your Finances
Few people would argue that going into debt because of medical bills is a good financial strategy, but doing so is rarely due to choice. If you or a family member is involved in an accident or suffers from a debilitating illness, you need to put your family first and get the treatment that you need — and deal with the fallout of the bills later.
Unfortunately, when you can’t pay your medical bills, your medical debt can skyrocket almost overnight. This might put you more dependent on your credit cards to pay everyday expenses — a strategy that could lead to even more debt.
Know When It’s Time To Ask For Help
If you do not take action, you could find yourself backed into a financial corner. However, there may be a way out. Filing for bankruptcy as a result of medical debts can stop creditors from contacting you and hounding you into making payments. A filing can also give you some peace of mind that your situation is going to be resolved.
At my Fort Worth law practice, Steele Law Firm, I work with people who have incurred debts that they are unable to pay off. As a bankruptcy lawyer, I advise my clients about the benefits and drawbacks of filing for Chapter 7 or Chapter 13 — and the impact it will have on their future.
A medical bankruptcy is not the end of the world, but it can be stressful. When you work with a knowledgeable attorney, you can make sure that you will have a handle on what steps you need to take to emerge debt-free and, ideally, avoid similar problems in the future.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.