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Bankruptcy an option for New Jersey residents with medical debt

The Affordable Care Act increased the number of Americans with health insurance since 2014. Despite this fact, however, a 2015 survey by NPR showed that 26 percent of adults struggle with financial problems stemming from the high cost of health care. What is a resident of New Jersey to do when he or she is faced with overwhelming medical debt and no possible way to pay?

Many people have turned to something called crowdfunding. Medical crowdfunding campaigns use social networking and the kindness of strangers to help raise funds to aid with medical costs. However, according to the survey results averaged from five different crowdfunding sites, only one out of every 10 medical crowdfunding campaigns in 2015 was fully funded. In addition, many of the crowdfunding sites either charge a processing fee on donations and/or keep a percentage of the donations.

Experts say there's a better way to deal with medical debt. In the long term, it can actually be more detrimental to an individual's credit score to ignore medical bills or let them sit unpaid for long enough that they get sent to a collection's agency.  After the agency sends the debt information to any of the credit reporting bureaus, this has a negative effect on an individual's credit score.

Filing for bankruptcy will impact your credit score only temporarily, and responsible payment and spending habits afterwards can help repair any damage done. A bankruptcy lawyer can help determine the best course of action. Any New Jersey resident who is facing mounting medical debt and isn't sure how to pay may benefit from seeking advice and support from an experienced bankruptcy attorney.

Source: marketwatch.com, "Crowdfunding medical bills not best way to raise cash for care", Anna Helhoski, Dec. 27, 2016

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Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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