Financial struggles abound for many Michiganders. There are several reasons for this. However, according to a recent report, the most significant cause of financial difficulties for most people is medical debt. Numerous individuals who seek bankruptcy law protection do so due to the inability to pay their medical and other bills that result from their failing health.
How bad is the medical debt crisis? According to a recent study, nearly 67% of all bankruptcy filings in the United States can be linked to medical issues. Not only is it expensive to pay for medical care, but numerous individuals have lost out on income due to a need to take time off of work to focus on their health.
There is limited access to affordable health care and health care insurance. This is something lawmakers are always trying to address, but no matter what is done, there are always individuals who still find it challenging to obtain good health insurance and quality care. This health care crisis is not something that will be solved overnight or even in the near future. There is always someone, no matter how the system is run, who will struggle to make ends meet while having to meet their medical debt obligations.
Michigan residents who count themselves among the millions of Americans who are struggling to pay their medical and other debts because of their poor health do have a way to seek relief. Bankruptcy law protection, in its various forms, can help relieve one’s debt stress and offer one a fresh financial start. Those who want to learn precisely how pursuing a bankruptcy filing may be of benefit to them can turn to an experienced attorney to get their questions answered.