Medical bills are one of the most common reasons for overwhelming debt. In 2016 alone, the Kaiser Family Foundation found that approximately 26% of adults in the United States either had difficulties paying their own medical bills or lived with someone who was struggling with uncontrollable medical expenses. While people that have insurance can have problems paying for medical expenses, it is often those without the coverage that struggle with the financial burdens that come with healthcare.

If you are not able to keep your accounts current and you are falling behind on making payments for your medical services and products, feeling worried and distressed may also accompany your situation. Not being able to pay bills, put money away for savings, and afford life’s necessities is an incredibly difficult situation. You may be considering various ways to borrow money as a remedy. But, if you borrow, this can become yet another difficult obligation that you will have to pay back. 

Borrowing Options and Their Challenges

You are in good company if you are having issues paying for your medical care because there are many like you in the United States that are having the same difficulties. Still, that is of little comfort when you are just trying to figure out how to get out of your own financial hole. The good news is that you may have options available to you that can assist you with your financial challenges including bankruptcy. 

The stigma associated with the term ‘bankruptcy’ may make some people shy away from learning more about the process. But, there is a reason that bankruptcy exists. By learning more about how it works and the potential benefits it offers, you may be able to get out from under the weight of your debt and have a genuine way to fix your situation. If you live in Indiana, Christopher L. Arrington is a Danville bankruptcy attorney that can discuss your circumstances with you and talk about what possible options you have to best manage them.

The following borrowing options could be used to pay off medical debt, but there are considerations to think about before moving forward with an agreement:

• Credit Cards are a widely accepted form of payment for most medical providers. Because the interest rates on credit cards can be so high, paying them down could cost more than the medical treatment you used them to finance in the first place. Interest and late fees only add up. If you were not able to pay your bill with funds you had on hand, then you may not be able to pay the credit card off, especially if your balance continues to grow with costly fees. Depending on your state of affairs you may have a very challenging time using bankruptcy to discharge that credit card debt.
• Personal loans can be another source of paying medical costs. But, again, the details of your situation matter. If you take out loans when knowing you are already strapped financially, declaring bankruptcy after the fact may not rid your financial duties to pay that money back.
• Secured loans require collateral that could allow you to secure a more favorable interest rate. However, taking a secured loan outside of bankruptcy can mean that you could lose your collateral and have to manage creditors harassing you for any balance that is leftover.

Speak to a Danville Bankruptcy Attorney Today

If you have enormous medical debt that you cannot pay off, it could be worth your while to speak to an attorney that knows bankruptcy laws. Christopher L. Arrington is an Indiana bankruptcy lawyer that can advise you on potential opportunities that could assist you in having your financial liabilities discharged. 

Call Christopher L. Arrington today to schedule a free consultation at (317) 745-4494.