Although COVID variants continue to plague the world and hinder the desperate desire to get back to a sense of normalcy in the US, it may seem like the economy overall is doing much better as the housing market booms and consumers get back to spending. For millions who lost their jobs, lost their health insurance, and have had to deal with being sick, caretaking for others who were sick, as well as mourning deaths due to COVID, the road to recovery could be long-term in terms of health and finances.
If medical debt has spiraled out of control and left you with a complete sense of helplessness, seek expert legal advice from a firm like Fitzgerald & Campbell, APLC as soon as possible. Although it is probably of little consolation—or surprise—you are not alone in experiencing such financial distress, and especially not since the onset of the viral pandemic sweeping the nation. Previous to spring of 2020 and COVID, medical bills were already the leading cause for individuals to file for bankruptcy.
Recent numbers show so far that an additional 2.5 million Americans took on medical debt in the first quarter of 2021. This means that more than $2 billion was added to the cumulative medical debt in the US. Even more, 62 percent of those accruing medical debt had health insurance. You may have found that medical debt due to COVID, or any other type of illness or accident, is so high that it seems impossible to ever pay it all off in your lifetime.
While filing for bankruptcy may indeed be the best option, seek expert legal advice to discuss your options. There may be a way to set up a suitable payment system or perhaps negotiate with the hospital or doctor’s office; in fact, you may be able to pay off your debt much easier than you think. During the current financial climate—riddled with medical debt—creditors are more inclined than over to negotiate different terms. This means there is a good possibility for paying off your medical debt in one lump sum for pennies on the dollar.
No matter what, the key is to act on such matters right away. Without any attention to serious financial matters like medical debt, you could open yourself up to decades of harassment by creditors and debt collection agencies.
Are you currently worried about delinquencies related to medical debt? Speak with an experienced medical debt attorney as soon as possible. If you are being sued, the situation is even more urgent. Acting quickly regarding a lawsuit is critical to avoid having a default judgment granted against you.
Speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible to examine your options. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at info@debtorprotectors.com.