Medical Bills Will Push Many Households into Bankruptcy

NBC Business News reported last month that soaring medical costs is a top factor in why many individuals and families in the U.S. seek bankruptcy protection. According to the news report, 1.7 million households in this country will be forced to pursue bankruptcy petitions due to medical expenses. That makes medical costs the leading cause of personal bankruptcy filings, even more than credit card debt which has traditionally been a top reason for Chapter 7 and Chapter 13 cases.

According to Face the Facts USA, a project of the George Washington University, the average cost of a hospital stay in this country nearly doubled between the years 2000 and 2010. In 2000, the average cost was $17,390 while in 2010 it had leaped to $33,079. Furthermore, we spend almost three times more than other industrialized countries on hospitalizations. In the U.S. the median cost per patient for a hospitalization was $18,142 while in other countries it was $6,222. Giving birth is one of the most common hospitalizations. In the U.S., the average cost of a normal birth is $4,451 while in Canada it is $2,800.

Even patients with health insurance are subject to medical costs should they need emergency or other medical treatment. With deductibles and other out-of-pocket expenses associated with a medical condition, many Americans can still accumulate medical expenses that they cannot pay off.

Chicago Bankruptcy Attorney

For many individuals and families, filing a personal bankruptcy petition is the only option for getting out from under overwhelming debt that is impossible to repay. Through a Chapter 7 liquidation or Chapter 13 repayment plan, these people can wipe out unsecured debt such as medical bills and credit card debt and be given a fresh start.

Glanzer & Associates is a bankruptcy firm serving the Chicago area. The legal team is dedicated to helping you find the solutions you need to get back on your feet. As legal professionals, they handle such cases every day and are sensitive to the difficulties and hardships that are a part of overwhelming debt. The legal team has eliminated millions of dollars of debt for satisfied clients through bankruptcy proceedings in Chicago's bankruptcy court. To get the information you need about bankruptcy and to find out how you qualify, contact the firm to schedule a free case analysis. Learn what can be done to help you regain financial stability and move into a brighter future.