Many people think that the leading causes for filing for bankruptcies are credit card debt, student loan debt, and mortgage debt. However, this is not true today as growing medical bills are the main cause, as reported by Today Money in a June 25, 2013 article.
Today, medical care is not cheap, and it is continuing to rise. It is estimated that this year alone it will cause about two million American families to file for bankruptcy. Now many people are thinking twice about seeing a doctor or if they see a doctor they are thinking twice about getting the medications that are prescribed as they cannot afford them.Â While this might seem like a good idea to these people it is a bad idea as not taking prescribed medication can cause one to become ill and this might cause one to end up in the emergency room which will definitely be more costly than the purchase of the prescribed medications.
On the other hand, while having health insurance might a little better these insurers are also faced with high medical bills, as there is a limited amount that their insurance company will pay and then the insurer is responsible for the rest. For instance, insurance companies that have a â€œhigh deductible.â€ While some of these people might choose not to file for bankruptcy, they are trying their best to pay off their medical bills and some of these people struggle as they try to make ends meet each and every month.
If bills have tied you down and are keeping you from enjoying your life, then you may want to consider bankruptcy for a fresh start. Jayson Lutzky is a Bronx, NY bankruptcy attorney that has 30 years of experience practicing law. He offers free in person consultations so that you can decide if bankruptcy is right for you. Call 718-514-6619 or visit www.MyNewYorkCityLawyer.com to learn more and to schedule an appointment.