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Seeking guidance when medical debt poses a threat to retirement

| Dec 7, 2017 | Medical Debt

Many individuals in Oregon and elsewhere spend a great deal of time planning and saving for the golden years. While one might not wish to let anything stand in the way of a preferred retirement age, with the high costs of treatment, one medical emergency could pose a threat to one’s current strategy. Medical debt is one of the leading causes of financial hardships, and has left many in search guidance on available options for relief.

A medical emergency can occur at any moment, and could leave an individual facing substantial amounts of debt. For those who are nearing retirement age, or even those who are currently retired, a similar situation could wreak havoc on their savings. Aside from being financially challenging, carrying heavy debt loads can also cause a great deal of emotional harm to an elderly individual, which could put his or her health at risk.

Those who wish to obtain relief from debts could consider exploring the benefits of filing for bankruptcy. In bankruptcy, many or most of one’s unsecured debts, such as those pertaining to medical bills, may be discharged once the process is finalized. Along with the financial relief involved, a similar decision could alleviate a great deal of one’s emotional stress, which some may consider equally as vital.

Individuals who suffer from substantial amounts of medical debt may benefit from seeking guidance from an attorney. A bankruptcy attorney can provide a client with advice on the available options for relief, as well as the potential outcomes. After thoroughly evaluating a client’s situation, an attorney in Oregon can also assist a client in pursuing relief through the necessary outlets.

Source: Forbes, “The Reasons More Older Americans Are Filing For Bankruptcy“, Accessed on Dec. 5, 2017

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.