Vance P. Truman, Attorney at Law
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330-591-4729

Has medical debt wiped you out financially? You have options

Northern Ohio residents who have run up mountains of medical bills after a serious illness or accident can find themselves buried under debt. People who never let themselves get behind on a bill suddenly find themselves inundated with collection notices and threats from creditors.

Below are some sobering statistics regarding medical debt.

  • According to a survey by the Kaiser Family Foundation and The New York Times, one-fifth of workers under retirement age struggle to pay medical bills.
  • Both patients covered by insurance, as well as those who remain uninsured, listed unpaid medical bills as majorly impacting their families.
  • Thirty-one percent of uninsured and insured consumers had unpaid bills of $5,000.
  • Thirteen percent had bills of $10k or higher.
  • To pay down their debts, 31 percent of those with health insurance withdrew funds from long-term savings like retirement and college funds.
  • Of the uninsured, 17 percent did the same, while another 11 percent took on more debt to pay off their medical bills.

In very few circumstances is it a good idea to deplete long-term resources like IRAs and college tuition funds in order to pay down medical bills. But debt collectors have a way of wearing down debtors and convincing them to make very unwise fiscal moves.

What, then, is a better option? For many, it's helpful to wipe the slate clean by filing for Chapter 7 bankruptcy. Getting a fresh start free of medical and other unsecured debts can be the best decision possible when faced with mounting debts that can't be paid. Learn about all the options that you have for bankruptcy relief to make the best choice for you and your family.

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689 Lafayette Rd.
Medina, OH 44256

Phone: 330-591-4729
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