Any Texas resident who has spent any amount of time in a doctor's office or hospital knows how expensive it is to be sick or injured. It probably will not come as a surprise to know that medical debt leads to numerous bankruptcy filings across the country every year. When you look at the data, it is not difficult to see why.
This is the only industrialized country that does not have a universal health care system. For the average American, financial issues arise with as little as $500 in medical debt. Few people these days have the ability to simply pay such a bill on time or at all. Even with health insurance, no less than 60 percent who carry it still run through their savings just to pay for medical care.
Data from credit reports indicates around $75 billion in unpaid health care bills among 43 million people, which means they have difficulty purchasing vehicles, and renting or buying a home. These are just the bills that end up on credit reports. Researchers estimate that the actual amount of medical debt out there is somewhere in the neighborhood of $1 trillion. Adding to the issue is the fact that no other country spends as much on health care per person as the United States.
It is not hard to see why so many people with medical debt find bankruptcy as the best debt relief option available to them. Texas residents who face substantial medical bills may also make use of this chance to receive a clean financial slate. For those unsure of how to proceed, a consultation with an experienced attorney could provide much needed answers and some hope for a brighter financial future.