Charles J. Schneider, P.C.certified consumer bankruptcy specialist
forms for your office visit
call today 734-237-1523
Practice Areas Menu In This Section

Medical expenses driving up credit card debt

Health insurance has been a hot topic here in Michigan and across the country for years. The basic idea is simple: people pay monthly premiums for a plan which, in turn, is supposed to cover their health care costs -- maybe not all, but at least enough to keep medical expenses from threatening their financial stability and security.

Unfortunately, even with insurance, many are finding that the sky-high costs of prescription medications leave them struggling to make ends meet elsewhere in their lives. More insurance plans today are shifting the costs of prescriptions onto the consumers. Some may find it difficult to understand the technical terminology and insurance jargon that fills their plan brochures and end up making ill-informed decisions about their coverage and their medications.

Whatever the reasons -- and there are many -- medical debt is becoming increasingly burdensome in this country. Patients may direct all of their financial resources at their pharmacy, doctor and hospital bills, while using their credit cards to cover groceries, rent or mortgage payments and utilities. Older Americans who are likely to have both lower average incomes and more complicated medical conditions are particularly vulnerable to this phenomenon, though any Michigan resident may find that unexpected life changes like a serious illness or injury could leave them exploring their options for debt relief.

Filing for bankruptcy may be the first step for many who need to eliminate debt incurred as a result of health care costs. It is a serious decision to be given careful consideration, but one should also consider whether the financial challenges that come with medical debt can be overcome by more traditional routes. For some, bankruptcy can offer a fresh financial start that other approaches cannot match.

Source: CNBC, "Medication costs fuel painful medical debt, bankruptcies," Dan Mangan, May 28, 2014

No Comments

Leave a comment
Comment Information
  • rating

    Posted by MaryDecember 11, 2015

    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

  • rating

    Posted by ClientOctober 26, 2010

    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

  • rating

    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

  • Avvo Rating 10.0 superb | Top Attorney Bankruptcy
  • Rated By Super Lawyers Charles J. Schneider | visit | super lawyers 2011-2015
  • Avvo Ratting 10.0 superb Top attorney chapter 7
  • Avvo clients' choice 2014 | chapter 7
  • American board of certification | certified consumer bankruptcy specialist
  • AV lexisNexis Martindale-Hubbell Peer Review Rated for ethical standards and legal ability
email us for a response

Let us evaluate your situation
and identify solutions

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy