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

One in 5 consumer credit reports affected by medical debts

As many Michigan residents are aware, in today's world, it can be difficult to avoid debt. With credit cards that offer ease of use and medical bills that can be impossibly expensive, debt is a reality that many Michigan residents have to face. Once mired in debt, it might seem like escape is all but impossible. However, for those stuck in a seemingly endless cycle of debt, there are options.

Debt is so common, in fact, that recent reports show that 1 in 5 consumer credit reports are affected by medical debts. According to a recent study by the Consumer Financial Protection Bureau, however, these debts usually total hundreds of dollars, not thousands. For low-income households, though, this is still a serious concern and many avoid getting the medical care they need because they fear falling further into debt.

One doctor claims that he has long heard of people avoiding medical care out of fear of debt. He claims that many would rather take their chances, even risking death, rather than being stuck with a medical bill that they cannot afford. Medical debt is relatively common, because 22 percent of consumers with collections on their credit reports is purely due to medical debt. Half of those people had no other indications of past delinquencies.

Unpaid medical bills can quickly throw someone into seemingly inescapable debt. Thankfully, there are debt relief options. For one, it is sometimes possible to file for bankruptcy. Bankruptcy sometimes allows a person to eliminate debt by liquidating assets or giving up a portion of their pay check each month in order to pay back their debtors. Though not always an ideal option, it can be a necessary escape route for those suffering with medical debt.

Source: San Antonio Express News, "Medical debts mar nearly 1 in 5 credit reports," Peggy O'Hare, Feb. 23, 2015

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