Thanks to the Affordable Care Act, personal bankruptcy filings dropped about 50 percent, from 1,536,799 in 2010 to 770,846 in 2016. Studies have shown medical debt as the leading cause of personal bankruptcy filings. As legislators and the executive branch renew their efforts to repeal and replace the Affordable Care Act, there is concern about what that will do to coverage and premiums.
A study conducted by the American Medical Association in 2007 found that 67% of those who filed for bankruptcy cited medical debt as a major factor. For middle class homeowners, the issue of medical coverage was even more influential, with half of all foreclosures caused in part by medical debt. The uncertainty about the fate of healthcare coverage for many Americans may cause the number of bankruptcies and foreclosures to increase in the coming years.
The current healthcare bill that is being debated may result in 22 million to 32 million Americans losing a portion of their current healthcare benefits.
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Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.