Consider Your Options for Medical Bills

If struggling with a severe health crisis were not bad enough

, numerous men and women are also left with significant financial stress due to illness. The unfortunate fact is that the vast majority of all bankruptcies in America are the direct consequence of healthcare expenses. If you are struggling with medical expenses which are higher than what you can deal with, you have 3 main alternatives. You may attempt to make a deal the debt, look into medical debts consolidation or you can seek bankruptcy relief protection. Let's consider the three main alternatives so which you can figure out what will be right for you.

Debt arbitration is one option to dealing with your healthcare bills. This is when you go to your creditors and negotiate for them to take a lot less than the total amount that you owe on the account. Depending on your situation, the amount that they will accept can vary, nevertheless very often you can save between 40% and 60% of what you are obligated to pay. Although there are many firms available that advertise that they can handle healthcare financial debt settlement for you, settling debts by yourself is generally a significantly wiser decision. The unsecured debt negotiation business is highly not regulated, and lots of experts believe that the overall business is a sham. Regardless of whether or not they reach a successful negotiation in your case, the majority of demand non-refundable up-front fees for at least 20% of what you owe.

Another option that can help some men and women bring their monthly payments down to a more manageable level is healthcare personal debt consolidation. One thing to realize here is that almost 100% of the time, this type of debts consolidation requires that you use your home as collateral. So, before you make this decision, you should you carefully look at your situation and decide if this is a good option for you. Make sure you fully understand that your home is at risk. Is it wise for you to turn unsecured debt into secured?

Another alternative, though far less desirable than the first two, is to seek bankruptcy relief. Because it will impact you for ten years, do this only as a last alternative. You should first consult an attorney before seriously considering this option. New laws that were passed in 2005 mean that not everyone qualifies for a Chapter 7 bankruptcy. If you do not qualify, you might be better off trying to make a deal your debt or to try to consolidate.

Consider Your Options for Medical Bills

By: Wendy Polisi

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