Can Bankruptcy Help With Medical Bills?
The cost of healthcare in our country is at the very center of our daily life. The presidency of President Obama will be defined by his healthcare policies. And although the strides toward making healthcare affordable for every individual is noble, it simply has not happened.
This is due, in large part, to health care plans that do not provide enough coverage.
Residents of Long Island and New York are all too aware of the crippling effects of long-term illness and tragic or accidental medical strains.
An individual may have excellent coverage, but even excellent coverage, in most cases, has a ceiling. Then, of course, with long term illness or tragedy usually comes a decrease in income. If you are sick you probably can’t go to work. Or you have to miss work to take care of a loved one. Either was the income is affected.
In addition, most health plans do not cover dental work or elective surgery.
So, you have mounting medical bills and decreased income. What is the answer?
Unfortunately, many people will burn through their savings before looking for a permanent answer. For example, if you owe $100,000.00 you may be willing to pay out $10,000.00 from your savings account, take a loan against your 401K, cash in your IRA and miss a mortgage payment to avoid collections.
But what if you didn’t have to sacrifice your assets?
What if you could eliminate your medical bills and keep your savings plus your retirement accounts?
Under Chapter 7 of the United States Bankruptcy code you can discharge ALL or your medical bills while retaining qualified retirement accounts, your home and even money held in savings.
Contact the legal team at NYBankruptcy.com to discuss your medical finances. DO NOT sacrifice your future to pay for your past.