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Suffering a catastrophic injury or chronic health condition is a difficult situation to handle. You might feel hopeless. The ordeal can also be mentally taxing, which can make things seem even worse.
As you try to focus on recovery, you might find your options limited by your financial situation. Fortunately, there are options to regain control of your finances.
Finding ways to cope
In the first days after a car accident or unexpected illness lands you in the hospital, your primary focus is healing. You need to be able to rest so that your body can try to undo as much damage as possible. Having to worry about money causes unneeded stress.
How much does the medical care cost? How will you replace lost income from the time it takes to recover? You probably won't know the answers for months. What can start to happen is that invoices pile up and you need to pay expenses with credit to cover the lost wages. This can results in a mountain of debt.
While it might not feel like the ideal solution, you can often obtain relief by filing for bankruptcy. This is a way to stop the creditor calls.
When you decide to file for bankruptcy due to medical bills, all of your debts will go into the bankruptcy because you can't pick and choose what to include. Depending on your unique circumstances you might be able to benefit from a Chapter 7 liquidation bankruptcy. If you have cash flow to pay a portion of the debt each month, a repayment plan through Chapter 13 bankruptcy might be the better route forward.
Maintaining medical care
Even if you file for bankruptcy, an emergency room will continue treat even you if you can not pay. This enables you to get care in life-threatening situations.
It is important to consider what could happen to your regular medical care. You might have to change doctors, since some practitioners will not continue to see a patient who has a balance due or who has filed for bankruptcy protections. Some physicians may be willing to work with you, so that you can continue to get needed care and treatment. The financial wiggle room that comes from the bankruptcy might enable you to do this.
If you are considering bankruptcy, make sure you know all the ways it might impact your life. You can get relief and a financial fresh start, but do it carefully with good legal advice.