The coronavirus crisis has intensified many of the stresses that existed before, including medical debt. As a Memphis bankruptcy lawyer, I’ve long seen many folks up to their eyes in medical bills. Now, even more Americans have to navigate a complicated system under exceptional circumstances, with a minimal safety net.
Recent studies have shown that 80% of Americans live paycheck to paycheck. Many are unprepared for a $400 emergency. As you can imagine, many medical emergencies cost more than $400. When you add recent unemployment statistics into the picture, we have a recipe for disaster.
People often feel shame about debt. While I maintain that no one should ever feel ashamed, or as if they’re to blame for their finances, it’s particularly true with medical debt. No one chooses to become ill, or to have a medical emergency. This is not your fault. It’s important to know that you have options.
The coronavirus has put additional pressure on an already fragile system.
Earlier this month, CNBC reported that uninsured Americans could face up to $75,000 in medical bills for coronavirus-related hospitalizations. Coronavirus tests are now free in this country, but hospital bills remain unresolved. While the government and many insurance companies have pledged their support to alleviate the financial burden, the specific amount any given individual will pay largely depends on their insurance situation.
“Even in normal times, they say, doctors and hospitals have to navigate dozens of health care plans, public and private. Now all those plans are changing their policies to address the coronavirus, and the providers — the ones who compute the cost of your care — struggle to keep up, leading to surprise bills even after promises that costs would be waived.”
Bankruptcy is always here for you as an option.
We are still early in this outbreak. There is much we don’t know, including related health care coverage. But a couple of things remain certain: the reliability of bankruptcy during difficult times, and our commitment to you.
Any kind of debt impacts every area of your life—your relationships, your ability to perform at work, and more. Medical bills have a profound impact on your quality of life. Now, more than ever before, you should not be worried about medical debt.
A Chapter 7 Bankruptcy Can Clear Medical Debt
A Chapter 7 bankruptcy completely wipes away dischargeable debt, which includes medical debt. If you’re feeling consumed with doctor’s bills right now, whether they’re coronavirus-related or not, this could be a great option for you. Contact us to speak with an experienced Memphis bankruptcy lawyer today.