The Effects of a Serious Accident

No matter how prepared are you to tackle the day safely and without incidents, accidents does happen. Workplace accidents, fire and explosions, car collisions, and many other accidents can lead to serious injuries that can be life-threatening. The worst part is that serious injuries tend to cause financial problems due to long-term medical treatment and missed work. Medical debt is becoming the top reasons for workers to file for bankruptcy.

Presently, nearly 44 million Americans have problems with paying back their medical bills, and for most the option to file for bankruptcy is a last but an unavoidable option. In this regard, the best way to resolve medical debt through bankruptcy would be by filing for Chapter 7. If you qualify for this type of bankruptcy, then it would be very much possible to lessen or even eliminate the need to pay back the medical debt.

Medical bills are considered non-priority unsecured debt under the Chapter 7 bankruptcy. Debts that are classified as unsecured debts are the ones that are not secured by a piece of property, and will not receive importance once the trustee (the court ordered person who will oversee as well as administer the bankruptcy case) is able to provide payments to the people you owe (your creditors). If you are paying for the medical debt and the discharge from the court has been given, the remaining debt will be cleared and you will not be required to pay for them. If medical debt is the main reason for you to file for bankruptcy, Chapter 7 would be the best option.

Medical debts often stem from long-term treatments due to serious injuries. Often these serious accidents are caused by recklessness or negligence of another person, which is why filing an injury lawsuit could provide necessary compensation for the damages that you have suffered. Getting compensation could help prevent you from filing for Chapter 7 bankruptcy, however, if the injury is severe or if significant enough that it will  affect the quality of life, then it could cause financial issues.

3 Responses to “The Effects of a Serious Accident”

  1. I really love this style of blog, thanks for writing.

  2. Do you have a facebook where I can see more posts like this?

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