A recent CNBC article references a study that has found that medical debt is the leading cause of consumer bankruptcies in the United States. The article also states that medical-related bankruptcies are most likely to be filed by consumers ages 35 to 54, a fact that might surprise some readers.
The study is in line with our experience filing bankruptcies for Oregonians over the past several years. Families rely on the income of working adults for month-to-month, basic living expenses. When a household member is injured or seriously ill and unable to work, it doesn’t take long for the bills to stack up. Medical expenses, missed work, and medically-necessary travel are big hits to any family budget. Even routine medical follow-up and testing can come with significant costs. Unfortunately, even insured consumers often find themselves responsible for significant medical debt–many plans have deductibles of $5000 or even $10,000.
Armstrong Bankruptcy Law Offices has proudly helped many Oregonians get back on their financial feet after illness or injury. We understand that most consumers just want to pay their bills. If you’re unable to pay your medical bills, and especially if you’re facing lawsuits, garnishments or other collection action, give us a call to schedule a free, confidential consultation. We can discuss your financial situation and help you determine whether bankruptcy would work for you.