Finding medical debt relief in Illinois

The rising cost of medical care has forced many people deeper into debt than they would have been otherwise. Even as consumers around the country and in Illinois are carrying less credit card debt, medical debt is on the rise. Finding debt relief solutions when it comes to medical bills can be a challenge for some.

When people who were already struggling due to their financial circumstances have an emergency or chronic illness thrust upon them, the medical bills can be a heavy burden. Even with medical insurance, the out-of-pocket expenses from a long hospital stay or illness can be financially crippling. It is estimated that the out-of-pocket medical expenses patients are faced with have risen as much as 22 percent in the last couple of years.

This ends up meaning that a large amount of Americans, including some in Illinois, may be unable to pay their medical bills. This means that, after having been subjected to a long and sometimes difficult recovery, patients are subjected to collection efforts. Harassing telephone calls, numerous letters and a deteriorating credit score become common place.

Those who are searching for medical debt relief may want to consider filing for either Chapter 13 (reorganization) or Chapter 7 (liquidation) bankruptcy protection. A bankruptcy can take care of not only medical debt, but also credit card debt and other loans such as auto loans or home loans. Filers are given an opportunity to tackle their financial issues without the stressors created by debt collection efforts. Once the debts are discharged, the filer has a second change and a fresh start financially.

Source: Business Insider, "People Are Paying More Than Ever For Out-of-Pocket Medical Care," June 17, 2013

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