The personal bankruptcy process can be a great tool for borrowers that struggle to address mounting debt. Although most people assume that the process is reserved for those that have made poor financial decisions, one of the biggest reasons that people file has to do with out of control medical expenses. In other words, they incur significant medical charges that they cannot pay back due to a lack of insurance or the inability to seek employment due to their medical condition. The two groups at the highest risk for incurring out of control medical expenses are the elderly and also single mothers with a low income stream. While it may sound surprising, nearly 60% of all individual bankruptcy cases result from excessive medical costs that cannot be paid back. Because medical collection agencies can be particularly tough to deal with, people are often forced into filing just to free themselves from the clutches of such agencies.
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If you find yourself unable to pay back your medical expenses and have considered a medical bankruptcy to address your situation, it's important to take some things into consideration before making any firm decision. Although claiming bankruptcy can certainly address your inability to repay your debt, the process itself can come with significant consequences that cannot be overlooked. For one, filing a claim can completely destroy your credit rating, which will make it difficult for you to borrow money for up to 10 years post-filing. A tarnished credit rating can also make it difficult for you to seek employment or even rent an apartment, since your credit rating is often checked as a measure of your integrity.
Filing for bankruptcy can also be time-consuming and quite expensive, particularly if you elect to hire a bankruptcy attorney. Attorney fees can amount to several thousand dollars depending on the specifics of your case. That being said, if you think that bankruptcy might be the right option for you then it's probably best to meet with a few attorneys to learn more about the process and what to expect. Because an attorney will generally have a bias toward seeing you file a bankruptcy claim, it's important to choose someone that will also explain some of the alternative to bankruptcy. The fact of the matter is that bankruptcy isn't the right choice for everyone. As such, you should aim to learn as much as possible about some of the many alternatives that exist.
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