Car accident victims most likely have a longer road to recovery than what they are initially told. Many people injured in car accidents experience complications from brain, head and neck injuries, and back and spinal injuries. In addition, serious injuries often times lead to psychological problems, such as post-traumatic stress disorder or depression.
While victims are in the recovery process, many will need to take time off from work and may require specialized medical treatments and therapy. As a result, car accident victims will lose wages, at the same time as being forced to endure extremely high medical expenses.
The medical costs for such injuries can go far beyond what any insurance company is willing to compensate, putting victims and their families in dire situations. Unfortunately, this makes it difficult to stay on top of bills, including mortgages, utility, and credit cards.
Medical bills are quickly becoming the number one reason people file for personal bankruptcy. This year alone it is estimated to send 1.7 million American households into filing for bankruptcy. This will exceed bankruptcies caused from credit card bills or unpaid mortgages. Nerdwallet Health estimates that an astounding 10 million people with health insurance will accumulate medical debt that they aren't able to pay off, and another 15 million will drain their savings to pay for their medical bills.
While many accident victims do have insurance plans to fall back on, because of high deductibles and out of pocket expenses, they do not always lessen the burden of high medical bills. Sadly, because of the severity of some injuries obtained in car accidents many victims will lose their job all together, and with that, their insurance. 38% of those who filed for bankruptcy experienced a lapse in health insurance just years before their filing.
In 2005 a Harvard study found that hundreds of thousands of people were filing for bankruptcy on medical reasons alone. The study also found that 60% of these families cited medical bills as the main reason of bankruptcy, 48% cited prescription costs, and 36% cited unemployment due to illness as the reason. Even families who don’t file for bankruptcy are struggling to make payments. 20% of the population between the ages of 19 and 64 will toil with paying their medical bills.
Contact Boulder bankruptcy attorneys
Bankruptcy attorneys at Goff & Goff, LLC can help you avoid financial ruin and eliminate the stress of large debt. Through Chapter 7 or Chapter 13 bankruptcy you can regain the financial independence that you've lost, and move towards the future unencumbered by your debt. If you're ready to break free from debt called the Boulder bankruptcy attorneys at Goff & Goff, LLC at 303-415-9688 for a free initial consultation.