Medical Debt Continues to Plague Many Families

There are a multitude of scenarios in which individuals in Ohio and across the nation may find themselves struggling under the weight of financial obligations. Debt can come in a variety of forms, each of which could be difficult to manage. However, one form of debt continues to be the driving factor behind financial struggle for many, and dealing with high levels of medical debt can be a harrowing experience.

Recent reports indicate that medical debt is a contributing factor in as much as 67% of all bankruptcy filings. These reports suggest that more than 500,000 families seek relief from similar forms of debt through bankruptcy every year. Although some may have thought the Affordable Care Act would cut down on similar issues, the percentage of those who filed for bankruptcy due to extensive medical bills actually increased by 1% after the implementation of the ACA.

These studies also indicated several other concerns that can lead to financial strain, such as mortgage and student loan debt. Experts also suggest that issues with overspending continue to be a leading cause of financial strain. Regardless of how it occurs, those who struggle to make end’s meet due to high levels of debt may wish to explore their available options for relief, but the process can be complex.

Individuals who continually struggle to get by due to high levels of medical debt might benefit from seeking legal counsel for guidance in choosing a path for relief. By speaking with an attorney, a person in Ohio could gain advice in understanding each of his or her options and what to expect from the process. This type of guidance could prove vital to helping a person prepare to pursue the required relief and begin working toward a healthier financial future.