Income Loss and High Medical Bills: A Recipe for Virginia Bankruptcy
A recent study published in the American Journal of Medicine suggests that as many as 60% of all bankruptcy cases in the nation involve medical debt. And, of those cases, around 90% involve medical debt over $5000. If you are struggling financially after an injury or illness, you already know that medical bills can add up fast—especially if you were already struggling to make ends meet before your medical debt was incurred.
Even if you have insurance, the expenses associated with medical needs can quickly become overwhelming—sometimes costing tens of thousands of dollars—and add up to more than you could ever hope to pay. Some of the common reasons people find themselves struggling under the unexpected burden of medical debt in Virginia include:
- Major illness or injury, especially if it requires a long hospital stay
- Health conditions that cause time away from work and lost income
- Chronic or disabling health conditions that require ongoing treatment
- Health conditions that require extensive blood testing, other lab work, or imaging
- Loss of health insurance
- Significant out-of-pocket expenses even with health insurance
- Treatments or medical devices that are not covered by insurance
Getting Bankruptcy Help When You Are Overwhelmed With Medical Debt
With the high cost of medical care, most American families are only one unexpected illness away from financial catastrophe. If you are facing a large medical debt and have questions about bankruptcy, please give the Strong Law Firm a call today at 703-350-4241. A Falls Church bankruptcy attorney would be happy to meet with you in a completely free and confidential consultation to answer your questions and talk about your options.