A recent report from Harvard Medical School showed that unpaid medical bills was the main reason why most American’s file chapter 7. This came as a huge surprise to the people who had concluded that credit card debt was top of the list. While there are other factors that contribute to your money problems, unpaid medical bills and the cost of medication were the leading causes. As the level of joblessness has continued to rise, the number of people who have comprehensive insurance through their job has continued to plummet.
Charitable Assistance with Medical Bills
Now that you appreciate that you aren’t the only individual with financial difficulties, it’s necessary to decide how you should tackle your debts. It’s worthwhile consulting the hospital to see if they run a charitable program that’ll help you to deal with unpaid medical debts. While they can’t help everyone who is unable to pay for the cost of medical attention, they regularly provide financial help to the people who have the greatest need. They work by measuring your requirement for assistance relative to the federal poverty limit.
Challenging the Accuracy of Medical Bills
There are professional organizations that will challenge the amount that you’ve been billed for your time in hospital. It’s often surprising to discover the costs and fees that are on your final bill. Sadly, most people lack the knowledge to challenge this information. An experienced advisor is invaluable because he knows what’s involved with an operation and how much it should cost you. If the figures deviate or you’ve been charged for expenses that aren’t involved in the operation, they’ll identify and challenge these on your behalf in return for a fee.
Clear Medical Debt with a Debt Relief Program
If you have a variety of unsecured forms of credit and can comply with the 2005 bankruptcy law, you’re likely to find that filing chapter 7 is the best debt relief program. You can eliminate most of your debts in less than 6 months without the need to make a repayment to your creditors each month. You’ll also get full court protection from your creditors. However, you won’t qualify if your income is above the state average or you have filed chapter 7 in the last eight years. If this applies to you, it’s advisable to consider whether a bankruptcy alternative is better for you.
A debt settlement plan enables you to write-off up to half of your debt and make an affordable payment to your creditors. Unlike filing for bankruptcy, you won’t get any court protection from your creditors, but they’re less likely to pursue you because they’re receiving a payment each month. If you owe lots of creditors small amounts of money, a debt management plan may offer a better way of negotiating your money troubles.
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