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Medical bills can lead to need for debt relief

It is absolutely possible for a Washington resident to do everything right in preparation for retirement, yet still encounter significant financial difficulties. For many, medical bills present a huge challenge -- one that can eventually lead to the need to file for bankruptcy protection. A recent article looks at the example of one retiree.

After decades working for an auto manufacturer, he had amassed a decent pension and owned a home, in addition to his Social Security income. However, the sudden onset of illness derailed his retirement plans. After discovering that he needed a liver transplant, his medical bills quickly mounted.

Faced with over $100,000 in medical debt, he made the decision to seek Chapter 13 bankruptcy. That allowed him to restructure his debt over the course of three to five years. In many cases, Chapter 13 bankruptcy can also lead to the elimination of certain types of debt through the discharge process.

The man recovered from his illness and is enjoying a return to his normal routines. While he still needs to adhere to a strict budget and look after his health, he is no longer faced with a mountain of medical debt. Best of all, he maintains a positive attitude, and is thankful for his health and family. 

For this retiree, Chapter 13 bankruptcy provided a path out of serious financial turmoil and back toward relative stability. Many Washington residents would benefit from a similar approach to medical bills. To learn more, schedule an appointment with a bankruptcy attorney at your earliest convenience to discuss debt relief options. 

Source: daytondailynews.com, "Wright State's poverty project: Poverty can be brought on by unforeseen problems", Max Milligan, Nov. 2, 2017

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