Reed Law Firm, P.A. is a federally designated debt relief agency. We proudly help people file for bankruptcy relief under the U.S. Bankruptcy Code.
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Giving You Hope For a Debt-Free Future

SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Medical debt leading cause of bankruptcy

Outpacing credit cards, mortgages and other major sources of debt, medical bills top the charts in terms of bankruptcy filings in the United States. South Carolina residents facing medical debt understand how quickly these sorts of bills can pile up. Thankfully, bankruptcy is a feasible way of helping to mitigate the financial effects of these bills for those facing medical challenges.

It is estimated that 1.7 million households currently laboring under medical debt will file for bankruptcy this year, according to a recent study that compiled material from the Center for Disease Control, the U.S. Census, and other sources. A further 56 million adults, almost 20 percent of the sum population, will struggle with medical-related bills this year. Even those with health insurance will feel the strain, with a further 10 million fully-covered adults expected to struggle.

The reason, some experts say, is a simple matter of high-deductible plans. The average American household brings in roughly $50,000 a year, so when medical bills are added to a high-deductible insurance plan, the costs can quickly pile up. And for those without insurance, the news can be even more distressing.

Medical issues can crop up unexpectedly, as many in South Carolina know all too well. While preparedness is always beneficial, and health insurance is equally valuable if it is within the realm of feasibility, sometimes medical debt can accrue faster than even the most prepared can deal with. For that reason, it is beneficial for those struggling with debt to consider bankruptcy as a responsible way to restructure debt and get back on the road to physical and fiscal health.

Source: CNBC, "Medical Bills Are the Biggest Cause of US Bankruptcies: Study," Dan Mangan, June 25, 2013

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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