As a Memphis bankruptcy attorney, I see people struggling to pay bills everyday – up to their eye balls in debt.  For many people, this is a result of outrageous medical bills.

Do you have health insurance?  Well, that may not matter as even the insured have recently payed more out-of-pocket expenses for health care. Insurance experts and researchers remain unclear as to whether or not the Affordable Care Act will negate those costs.

Deductibles, copays and other out-of-pocket expenses are increasing. They increased by 3.8% in 2012, more than the 3.5% increase seen in 2011.

Why?

Employers are passing along more health-care costs to employees:

  • workers faced an annual deductible of $1,135 in 2013, compared to $735 in 2008
  • the average copayment required for a doctor’s office visit was $23 in 2013 compared to $19 in 2008.

New cap limits on how much consumers can spend on out-of-pocket health costs may alleviate the medical bill burdens for many.  However, health insurance professionals still believe some consumers may struggle to afford insurance after the cap limits are implemented.  In fact, the high deductibles of new insurance plans on the public exchange have surprised some people.

If I could, I would tell you to just not get sick, but that’s not practical.  Unexpected medical problems happen – that’s just the way it is.  As American consumers, the simple truth is that we’re going to have to foot a bigger share of those bills.

However, you don’t have to let the overwhelming debt of high medical bills take over your life.  There’s a way out.

By filing a bankruptcy, you can either discharge your medical bills or can lump all of your debt into an affordable payment plan.

A bankruptcy is nothing to be afraid of either, and with a little hard work and positive lifestyle changes, you can come out better than you went in.

At Darrell Castle & Associates, we offer a 14-week program, free to our clients, that will help you re-establish and rebuild your credit the right way after a bankruptcy.

If you’re overwhelmed with debt you can’t pay and you’re considering a bankruptcy, or if you have any questions, please contact us today, either online or by calling us at (901) 327-2100. One of our experienced bankruptcy attorneys will be happy to speak with you, free of charge.