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Is it feasible for you to pay off your medical debt?

On Behalf of | Nov 7, 2022 | Bankruptcy |

Even if you have a comparatively minor injury or ailment, you may spend tens of thousands of dollars on a diagnosis and treatment. Unfortunately, medical care costs more than most Americans can afford, often leaving individuals with substantial debt.

According to reporting from CNBC, 100 million Americans have outstanding medical bills, with approximately 12% currently owing more than $10,000. If you have considerable healthcare debt, you may want to try a few things before deciding whether it is possible to pay off your medical bills.

Review your bills

Just like everyone else, billing professionals at medical institutions make mistakes. Rather than blindly accepting a hospital’s bill, it is advisable to review it for accuracy. If you notice a problem, you might lower your bills by contacting the facility.

Request a payment plan

You may feel uneasy every time you walk to the mailbox. Still, it is never a good idea to ignore your medical bills. After all, the hospital may be willing to negotiate a payment plan you can afford. Even if it takes a long time to pay off your debt, keeping current with your payment plan can be good for your credit score.

Think about bankruptcy

Eventually, you may determine that it simply is not feasible to pay off your medical bills. If that happens, you may want to explore bankruptcy protection. Indeed, it is not uncommon for financially savvy Americans to discharge medical debt through bankruptcy.

Ultimately, if you can use bankruptcy to do away with your medical debt, you are likely to have more money to put toward other expenses.