Jacksonville Medical Debt Lawyer
Helping Florida Residents Reduce Their Medical Debt
Over 700,000 people file for bankruptcy each year across the United States. The single largest contributing factor to bankruptcy is not fiscal irresponsibility. It is not failing to save for retirement. It is not making large, unnecessary purchases. According to a study conducted by Harvard University, the single biggest cause of bankruptcy in the U.S. is medical expenses. Unexpected illnesses and injuries lead to massive medical bills, causing the injured person and their family to drain their savings, rack up debt, and wind up in dire financial straits. Cancer treatments, for example, cost anywhere from $10,000 to $30,000 per month. Even a family with solid income can suddenly find themselves underwater when facing that level of expense.
If you are one of the millions of people in the country dealing with significant medical debt, you have options for relief. The Jacksonville medical debt lawyers at Albaugh Law Firm have spent years helping hundreds of clients get out from under crippling medical debt. We will help you evaluate your finances and your debt, explore your options for debt relief, and stand by your side every step of the way as you move toward a brighter financial future.
Finding Relief From Medical Debt
You may have a few options available to deal with and reduce your medical debt. Medical services providers, health insurance companies, and banks all prefer to receive some payment over getting nothing and going through a long legal battle. Debt collection lawsuits, foreclosures, and other legal procedures are costly and slow. For that reason, creditors are often willing to renegotiate the terms of your debt in order to find a mutually agreeable solution. Medical institutions, in particular, are used to people negotiating down medical costs and tend to issue inflated bills. You may be able to reduce your monthly obligation, secure a more favorable interest rate on your loans, and even reduce your total principal, especially if you get help from a savvy medical debt negotiator.
If your medical debt has been passed to a debt collector, you might be able to severely limit or avoid the debt entirely. You may have defenses available, such as the expiration of the statute of limitations. Additionally, debt collectors purchase debt at a significantly reduced price compared to the total amount due; for that reason, they may be willing to accept a settlement far lower than the principal amount you owe. These are just a few of the ways in which you may be able to find relief from medical debt. The medical debt attorneys at Albaugh Law Firm are ready to review your debt and financial situation and help you find the best solution for you and your family.
Debt Relief Through Bankruptcy
Bankruptcy is never anyone’s first choice for dealing with debt issues, but it is a viable option. Much of the stigma of bankruptcy has disappeared in recent years as more and more Americans turn to bankruptcy for financial relief and a fresh start. Medical costs are the quintessential type of unsecured debt that is dischargeable in bankruptcy.
For individuals with a lower income, or whose expenses are especially high, Chapter 7 bankruptcy offers a path for eliminating existing medical debt. Chapter 7 bankruptcy allows a debtor to work with an appointed bankruptcy trustee to pay off as much debt as possible by selling certain non-exempt assets, and then have the remainder of the debt completely discharged or wiped clean. Bankruptcy applies to existing debts, not future debts, so it is important to discuss whether bankruptcy is your best option with your attorney in light of your current and future obligations.
For individuals who have a regular income and can make payments but need some breathing room and a reduction in their monthly payments, Chapter 13 bankruptcy may be an attractive option. Chapter 13 bankruptcy allows a debtor to reorganize their medical debt and other qualifying debt into a repayment plan, under which the debtor will pay owed debt over the next three or five years. Often, Chapter 13 allows debtors to reduce their overall obligation.
Do Not Let Medical Bills Ruin Your Life
If you are dealing with mounting medical bills, the debt relief attorneys at Albaugh Law Firm are here to help. From day one, we can help you:
- Stop creditor harassment
- Protect your home, car, and other assets from foreclosure or repossession
- Reduce your monthly obligations
- File your claims for relief
- Start rebuilding your credit and financial help
Call our Jacksonville debt relief attorneys today at 904-471-3434 for a free consultation.