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Medical Bills Causing Bankruptcy in Arizona
by Max Gunderson
Yes, there is a terrible real estate market in Arizona, yes, Arizona unemployment rates are rapidly approaching all-time highs, and yes, Arizona (and the rest of the nation) is mired in a deep recession. However, none of these financial pitfalls are the leading cause of the increasing number of bankruptcy filings in Phoenix, Tucson and all areas of Arizona.
The leading cause of filing for bankruptcy is individual illness and the related medical bills that accompany the illness.
Medical bills are the number one cause of Bankruptcy in Tucson, Gilbert, Scottsdale, Chandler, Glendale, Avondale, Phoenix, and all areas of Arizona. Surprisingly, most of those bankrupted by illness had health insurance. More than three-quarters were insured at the start of the bankrupting illness. However, 38 percent had lost coverage either in whole or at least temporarily by the time they filed for Chapter 7 bankruptcy or Chapter 13 bankruptcy protection in Arizona.
Medical Bills leading to bankruptcy is caused by a number of factors and the unique “double whammy” that a long term illness can cause an individual financially. Besides the fact that medical expenses are at an all time high and employees benefits are being cut or decreased more and more everyday, this “double whammy” affects individuals both ways making it is no wonder that the individual is really starting to feel the pinch. In addition to the overwhelming medical expense, the financial impact on a person suffering from an illness is doubled because (more than likely) the individual is off work (or forced to miss work) and is not collecting their regular salary or receiving a reduced disability income.
Do you find yourself in a similar situation? Are you being overwhelmed by medical bills? Do you have an illness that is destroying your financial situation? If time off work and/or your medical bills are making you feel overwhelmed it may be time to consider filing a Chapter 7 or Chapter 13 Bankruptcy in order to alleviate your medical bills and give you a fresh start.
To find out how filing for bankruptcy protection in Arizona may help you recover from a severe financial setback (such as medical bills) and overwhelming, mounting, debt, you can either visit one of our Tucson and Phoenix area Bankruptcy law offices for your FREE consultation or set up a FREE Phone Consultation with one of our helpful Phoenix or Tucson bankruptcy lawyers. Schedule you free consultation today by calling (480) 833-8000 for a Phoenix Area bankruptcy lawyer or (520) 306-8729 for a Tucson area bankruptcy attorney. You can also visit our Arizona bankruptcy law firm on-line at: http://www.bankruptcy-az.com