Medical bankruptcy is a real reason that many people cite as the motivation for filing for bankruptcy. It is no secret that medical treatment is extremely costly. If you find out that you were afflicted with some type of medical ailment, disease, or condition, treating it may drain you of all of your savings and wealth. When this happens, figuring out how to survive and pay your bills can become an overwhelming and stressful proposition.

If you reside in Indiana and are struggling with crushing debt and you are unsure about what you should do, the Danville bankruptcy attorney Christopher L. Arrington may be able to provide support and assistance. Filing for bankruptcy may be the right approach for you to get your finances back on track and to best position yourself for starting over again.

How Often Do Medical Emergencies Lead to Bankruptcy?

There are several common situations in which people decide to file for bankruptcy. Some of these include:

• Job loss and extended unemployment
• Medical expenses 
• Divorce
• Poor credit management
• Student loan repayment issues

Of course, there are many reasons that one may find themselves in a financial situation that is not the best. Because of this, it is possible that these people may feel disheartened at trying everything they can do to get themselves out of debt only to come to the conclusion that they are fighting a losing battle. 

Exorbitant medical costs as a reason for bankruptcy happens all of the time. Sometimes a person can be in a good position financially but unexpectedly comes down with an ailment that completely obliterates their savings and any wealth that they have. 

Medical bankruptcy is real and affects a large amount of the population. There are several studies that show how devastating medical costs can be, including one that explains over 60% of personal bankruptcies take place because of some amount of medical debt. According to this study in specific, here are just a few of the takeaways:

• Overwhelming medical bills as a reason to file for bankruptcy was seen in 29% of the sample examined.
• Over 32% cited medical issues for themselves or their spouse leading to bankruptcy.
• More than 34% said they had medical bills that exceeded 10% of their yearly take-home pay.
• Almost 6% mortgaged their home to get the funds necessary to pay medical bills.
• Approximately 7% indicate that they had to take two weeks at minimum away from work and without pay to care for a sick loved one.

Speak to a Danville Bankruptcy Attorney Today

Filing for bankruptcy may not feel like the perfect solution for your financial woes, but taking on mounting debt that you cannot pay off is also not the best position to be in. If you need help figuring out what will work best for you with regard to alleviating excessive debt, call the Indiana bankruptcy attorney Christopher L. Arrington at (317) 745-4494 to schedule a free consultation.