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Are You Drowning in Medical Bills?

When you are struggling with serious health care expenses, you may not know what your options are. Below are the three main alternatives which you have for handling uncontrollable health-related expenses as well as the advantages and disadvantages of each.

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Dealing with severe medical issues is bad enough without also having the financial stress that it is causing you. The unfortunate fact is that the vast majority of all bankruptcies in the USA are the immediate result of health expenses. If you are experiencing health care bills that are higher than what you can control, you have 3 main options. You may attempt to settle your debt, look into health-related debts consolidation or you can seek bankruptcy relief protection. Letís look at your 3 choices so which you can best determine what the right option for you is.

Debt settlement is one alternative to handling your health care expenses. This is where you go to your debt collectors and negotiate to enable them to take less than the full amount that you owe on the account. The amount that you simply can save will vary depending on your situation, but typically will be 40% to 60% of what you are obligated to repay. There are debts settlement firms that specialized on working together with individuals with excessive debts, however you may want to consider handling negotiations on your own. The unsecured debt settlement business is highly unregulated, and lots of industry experts believe that the entire business is a scam. Irregardless of whether they achieve a successful negotiation for you, most charge non-refundable up-front fees of at least 20% of what you owe.

Medical personal debt consolidation is another option which can help you reduce your payments and bring your required monthly payments to a manageable level. One thing to realize here is that almost 100% of the time, this type of financial debt consolidation requires that you use your home as collateral. Before you make this decision, you need to carefully examine whether this is the right alternative for you. You should understand that if you fail to make your payments, you are placing your home at risk. Are you really in a position where it is wise to trade unsecured debt for secured?

Another alternative, though far less desirable than the first two, is to seek bankruptcy relief. Since this is going to impact you for a full ten years, this should be considered only as a last alternative. Before seriously considering bankruptcy as an option, you will need to seek the advice of an attorney. New laws that were passed in 2005 mean that not everyone qualifies for a Chapter 7 bankruptcy. If you do not qualifyComputer Technology Articles, you might be better off trying to settle your debt or to try to consolidate.

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