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May 2014 Archives

Bankruptcy as an option for medical expenses

Ohio residents who may be considering bankruptcy due to medical debt should know that they are not alone. These types of obligations continue to be the leading cause of bankruptcy filings, and one big reason for this is the cost of prescription medicine. Unfortunately, neither having health insurance nor the broad implementation of the Affordable Care Act necessarily prevents this from happening.

Bankruptcy and debt judgment considerations

When a judgement is pending, an Ohio resident may consider bankruptcy as a way to protect certain assets. Bankruptcy exemptions may allow for those assets to be retained as debts are wiped out. Although property that is not protected may be sold to satisfy some of the debts in the event of a bankruptcy, the limited amounts recovered in such scenarios may prompt a creditor to view a potential bankruptcy as a reason to settle with a debtor in advance of such action.

Many Americans burdened by medical debt

Ohio residents who are struggling to pay off medical bills are not alone. A recent study conducted by Georgetown University and the Kaiser Family Foundation has found that one-third of Americans are having difficulty paying down medical debt. The existence of health insurance and differences in income don't seem to be factors, as even those with health coverage still find themselves facing medical expenses.

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Cincinnati, Ohio 45202

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Colerain, OH 45247

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