O'Bryan Law Offices O'Bryan Law Offices
Call now for a FREE consultation!
502-400-4020
Office Locations

Medical debt continues to be leading cause of personal bankruptcy

If you’re struggling with significant debt but can’t bring yourself to consider bankruptcy, it may be due to the stigma associated with bankruptcy and the narrative that is too often attached to people with debt problems. The narrative goes like this: people who file for bankruptcy were irresponsible with money, accumulated too much credit card debt and lived beyond their means. They didn’t want to pay the money back, so they filed Chapter 7 instead.

Does that sound familiar? You may even believe this narrative. But you should know that while this stereotypical bankruptcy client does exist, he or she is only a fraction of those who seek bankruptcy protection. Most filers are responsible, hardworking people who experienced unforeseen circumstances that they couldn’t recover from.

A recent study confirms that the most common reason Americans file for bankruptcy isn’t credit card bills or student loans – it’s medical debt and financial issues related to medical problems. This accounts for about 66.5 percent of personal bankruptcy filings. In addition to the astronomical hospital bills, people with emergency (or chronic) health issues are forced to miss work or may be unable to work. If someone is lucky enough to fully recover physically, he or she is still left with a lot of debt and very little income. This situation forces about 530,000 American families into bankruptcy each year.

As you consider you own financial struggles, please keep in mind that bankruptcy isn’t a shameful act or a sign of failure. It is a legitimate legal tool meant to help people who otherwise cannot recover financially. Although it is a major decision that will bring some challenges, bankruptcy can also be the most effective way to get out of debt and get a fresh start.

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Let’s get started today!

Call 520-400-4020 to schedule your free consultation!

Attorney Group Photo
Five Convenient Locations

Main Office:

Louisville Office
1717 Alliant Avenue
Suite 17
Louisville, KY 40299

Louisville Law Office Map

Frankfort Office
307 Wilkinson Street
Frankfort, KY 40601

Map & Directions

Louisville Office
2908 Taylorsville Rd.
Louisville, KY 40205

Map & Directions

Louisville Office
9311 Preston Highway
Louisville, KY 40229

Map & Directions

New Albany Office
515 Pearl Street
New Albany, IN 47150

Map & Directions

  • Main Office

    Main Office:

  • Bowman Field

    Bowman Field:

  • Okolona

    Okolona:

  • Frankfort

    Frankfort:

  • New Albany

    New Albany: