No one plans to get seriously ill or suffer serious injuries. This makes it nearly impossible to plan for it financially. Many Texas residents think that since they have health insurance that they are covered if something happens. Sadly, many people find out that they still owe a great deal of medical debt even with insurance.
This type of debt can easily reach into the tens or hundreds of thousands of dollars. That kind of financial burden can easily devastate a family. The stress of owing the money is great enough, but when creditors and bill collectors start calling, emailing and otherwise harassing Texas residents, the pressure can get unbearable. At that point, it may be time to consider all of the available options.
Many people overlook bankruptcy as an option for a variety of reasons, but it may be the best way to deal with this type of debt. The framers of the U.S. Constitution believed that people suffering through a financial crisis deserve the chance to start over without that burden. Yes, filing for bankruptcy will lower an individual's credit score in the short run, but that does not mean it will be permanent. It is possible to recover and even exceed a previous score.
Most individuals want to make an effort to pay their medical debt, but it just may not be possible. In addition to just not having that kind of money, being ill or injured could hinder the ability to work, so other debt also takes its toll. Filing for bankruptcy could provide a way to wipe the slate clean and start over financially.