Medical bankruptcy is the topmost reason why consumers or almost 55 % of American citizens are filing for bankruptcy. If you are faced with such a situation, you are in dire need of a bankruptcy attorney Castle rock, to guide you through the process.
Medical bankruptcy is the easiest way to get discharged from medical debts. These debts may have been incurred by way of expenses relating to treatments, nursing care, physiotherapy procedures or as cost of medications.
Why Do Americans File for Medical Bankruptcy?
There are numerous reasons that force American citizens to file for medical bankruptcy. The topmost reason is the soaring cost of medical care. Harvard University recently conducted a survey to study the trends of medical bankruptcy and came to the following conclusions. While more than 75 % of the Americans who had filed for medical bankruptcy did have medical insurance, they were not protected by the insurance cover. There are many laws that permit these Insurance companies to deny coverage using various excuses. Also the cost of buying medical insurance s also quite high and proves to be unaffordable for many.
Why Do You Need the Services of a Bankruptcy Attorney Castle Rock?
Medical bankruptcy can be a very tricky affair because the debts incurred under this category have no collaterals, unlike the other debts. So when you fail to pay up the medical debts, the insurance company may tie up the debts to collaterals and start garnishing your wages or even claim a share in the equity of your house. But all these mishaps can be averted if you consult an expert bankruptcy attorney castle rock, because he/ she is in a position to advice you regarding the legal procedure to be taken in such a situation. Filing for bankruptcy is a good option but you will need to consult an attorney for more details.