The year 2020 was a tough year financially for many, and for some in New Port Richey, 2021 is shaping up to be no better. This may be especially true for women who are finding themselves facing significant medical debt.
Poll numbers reveal concerns about medical debt
A July 2020 Gallup Poll reveals that many women are concerned about medical debt pushing them into bankruptcy. According the poll, 51% of women expressed concerned that costs incurred due to a major illness or injury would push them into filing for bankruptcy. In comparison, only 47% of women polled in 2019 said the same.
A February 2021 Cision poll showed that 73% of respondents stated they would find it difficult to pay an unexpected $500 bill. And, of the 20% of respondents who had medical debt, most have seen an uptick in this debt since March 2020.
Why the uptick in financial concerns?
One reason many are concerned about unexpected medical expenses is that many have seen a decrease in their medical insurance coverage. The costs the average person pays in healthcare, including insurance deductibles, premiums and coinsurance have increased in the past few years. Even those with good health insurance can face unmanageable medical expenses should they suddenly suffer a major illness or injury.
Bankruptcy may be an option
When a person simply has more debt than they can ever manage, bankruptcy can be a way not only to relieve themselves of this debt but also relieve themselves of the stress and anxiety that comes with having more bills than you can pay.
Chapter 7 bankruptcy, referred to as liquidation bankruptcy, may be one option. Through Chapter 7 bankruptcy, some but not all of a debtors assets are sold and used to pay their creditors. Following that many, but not all, of the remaining debts are discharged.
Chapter 13 bankruptcy, referred to as wage-earner’s bankruptcy, may be another option. Through Chapter 13 bankruptcy, the debtor will enter a three- to five-year repayment plan. As long as payments are made in full and on time, after the repayment plan is up many, but not all, of the remaining debts are discharged.
Eliminating medical debt
Ultimately, those who are facing significant medical debt have options. This post is for educational purposes only and does not provide legal advice. Those who want to learn more about filing for bankruptcy may find our firm’s website informative.