New Jersey bankruptcy attorney Daniel Straffi (https://www.straffilaw.com/can-my-medical-debt-be-paid-off-with-bankruptcy/) of Straffi & Straffi Attorneys at Law, has released a comprehensive piece titled "Can My Medical Debt Be Paid Off With Bankruptcy?" The article delves deep into the intricate relationship between medical debt and bankruptcy, offering a fresh perspective on this pressing issue affecting many Americans.
In the first section, the New Jersey bankruptcy attorney provides a detailed overview of the medical debt situation in the US. He corroborates his arguments with startling statistics that reveal the extent of the problem. The average cost of healthcare in the US rose from $11,462 in 2019 to $12,530 in 2022, pushing many citizens into financial distress. Straffi discusses how the burden of medical debt, compounded with other financial obligations such as utility bills and rent, leaves individuals feeling helpless and in dire need of debt relief.
"Bankruptcy can offer a level of protection and allow individuals to recollect themselves and gather their resources in the interest of a fresh start," the New Jersey bankruptcy attorney states.
The article further dives into the demographics of American medical debt, revealing that middle-aged adults are more likely to have significant medical debt. According to Straffi, more than 23 million adults owe over $1,000 in medical debt, and approximately 11 million owe over $2,000. Despite the widespread insurance coverage, a quarter of adults with medical debt owe above $5,000, highlighting the inadequacy of insurance protection against high medical costs.
The New Jersey bankruptcy attorney brings attention to the New Jersey statute of limitations on medical debt. He explains that in New Jersey, creditors or debt collectors are prohibited from filing a lawsuit against individuals to collect a debt that has been inactive for six or more years.
"Navigating the intricacies of the New Jersey statute of limitations on medical debt can be overwhelming, but a skilled bankruptcy attorney can provide guidance through the process," Straffi advises.
The article also explores how bankruptcy can relieve medical debt. Straffi provides an in-depth explanation of the two primary types of personal bankruptcy available for individuals with medical debt - Chapter 7 and Chapter 13 bankruptcy. He underscores that before deciding to file for bankruptcy, it is crucial to weigh all options and consult with a competent bankruptcy attorney.
"Considering the right course of action is difficult when faced with great medical debt," Straffi acknowledges.
To grasp the full extent of the medical debt problem and explore potential bankruptcy solutions, readers are encouraged to delve into Straffi's article.
About Straffi & Straffi Attorneys at Law:
Straffi & Straffi Attorneys at Law is a leading law firm committed to providing high-quality legal services to residents of New Jersey. The firm prides itself on its team of dedicated attorneys who bring a wealth of knowledge and experience in handling bankruptcy cases. With a client-centric approach, Straffi & Straffi Attorneys at Law is steadfast in its mission to guide individuals through financial difficulties and towards brighter financial futures.
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