Filing Medical Bills – Bankruptcy Can Eliminate Your Medical Debt Up To 60%

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Some of the highest bills people are faced with nowadays, and often have immense trouble paying, are medical bills. Bankruptcy can be the last form of debt relief available to those who are unable to pay their medical bills, even with a payment plan, and who default multiple times on their payments causing their interest rates and late fees to add to the existing medical bills. Bankruptcy, however, is not an easy choice for a number of reasons and most consumers prefer to avoid bankruptcy at all cost.

Medical bankruptcy can be even harsher to a consumer’s personal life than other forms of bankruptcy, because the medical bills are incurred in the pursuit of one’s own health or that of a loved one. If the consumer filing bankruptcy is sick and unable to work, or is a full-time caretaker to the patient, the possibilities of filing reorganization bankruptcy are limited and the consumer will most likely have to file for a much more invasive liquidation bankruptcy. For healthy consumers, there is the prospect of rebuilding their finances through work after filing bankruptcy.

For consumers who file bankruptcy, the realistic possibilities of regaining financial stability, as well as being able to afford health care, are much smaller. Knowing all this, it is easy to see how the demand for an alternative to medical bankruptcy is continuously rising. Fortunately for consumers who are considering filing bankruptcy, there is an alternative: debt settlement. Debt settlement is a legal form of debt reduction through which a consumer negotiates a significantly reduced debt with his creditors, and pays off what remains of that debt by means of a monthly repayment plan.

Because this process involves the voluntary participation of both the creditor and the debtor, it avoids the invasive court supervision a medical bankruptcy always entails. It is a little recognized fact that most medical providers are open to negotiating a debt reduction and debt settlement with consumers. This is because with a debt settlement, the medical provider is assured to regain at least part of the monies owed. If the consumer is forced to file medical bills bankruptcy, the medical provider might never recover any of his money.

If you need to apply for debt settlement to settle your medical bills and avoid medical bills bankruptcy, it is good to know that there are many experienced and reputable debt settlement companies throughout the United States that can help you avoid medical bills bankruptcy. Because these professionals have extensive experience with consumers who apply for debt settlement in order to avoid filing medical bills bankruptcy, they are qualified to represent you during your debt settlement process.

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Source by Wystan North