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Mounting medical debt might require bankruptcy

One of the main reasons people in this country file for bankruptcy is medical debt. Unfortunately, this isn't something that is easily avoided unless you never seek medical care for anything. It surprises some people to know that even patients with good insurance might end up in financial trouble because of medical bills. When you have mounting medical bills that you can't pay by the due date, you will have to come up with a plan for taking care of them.

One of the most important things to remember is that most medical creditors will offer payment plans to help get the debt paid off. The issue with this is that the monthly amount they want might be exorbitant. In some cases, that amount might not even be enough to cover the interest they charge. This can lead you more into debt since the balance won't go down.

Another option that some people will explore is filing for bankruptcy. When the bankruptcy is discharged, the medical creditor will absorb the debt. While some people might want to pay all the medical bills, it just isn't possible all the time. In those cases, filing bankruptcy might be the most responsible thing to do.

Patients should remember that there is a chance that doctor's offices won't see a patient who has had to have their debt discharged in bankruptcy. Contact your doctor's office to find out what is possible so that you know ahead of time what to expect. Even if you have to find a new doctor, that might be preferable to having to stress about the debt you are in.

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