Finding Solutions For Relieving Medical Debt
When illness or injury strikes, so do the associated costs of your medical care. Even a short hospital stay can rack up tens of thousands of dollars in medical bills, the weight of which may hurt worse than the affliction itself.
Jeffrey M. Rosenblum, P.C., knows the weight of these bills and the consequences of not addressing them quickly. Your financial stability is important, and we are here to help you regain it. Contact our New York bankruptcy firm to discuss your options.
Understand Your Options
Health care incurs exorbitant costs, especially for the uninsured and elderly. A serious injury can complicate your financial situation further by keeping you from working and preventing you from paying down your debt. Retirees who have a fixed or limited income may fall behind on their payments quickly.
Education is crucial to finding relief for medical debts. There are several options for reducing or eliminating your debt, but not every solution will meet your specific needs. With more than 40 years helping New Yorkers address their debt, our firm will listen to your situation and help you find a solution that will put you back on the road toward financial stability.
Few people know that medical debt is negotiable. Health care providers try to avoid sending bills to collections because of the losses they suffer from paying the collections agency. Dealing with a third party rarely makes things simpler, and health care providers are sometimes willing to reduce your debt in order to avoid complications.
Many health care providers offer payment plans to make paying down debts easier. This option helps individuals avoid taking out loans or applying for credit cards that would negatively impact their credit scores.
Individuals with limited income may qualify for Medicaid. Medicaid allows the state to pay part or all of your medical costs.
Some individuals with significant medical debts or whose debts have gone to collections may consider filing for Chapter 7 bankruptcy. However, before you make any decisions regarding debt relief, you should discuss your situation with an experienced debt professional.
Don’t Make Debt Relief Decisions On Your Own
Jeffrey M. Rosenblum, P.C., is here to help. We want all our clients to understand fully their options for medical debt relief in New York and the potential consequences for each of those options. Contact our firm online, or call us at 866-637-7300. We have offices in Brooklyn, Great Neck, Rockville Centre, Armonk and Melville.