While the discussion on changes to health care continues, there is some good news to report. Over the past six years, personal bankruptcy filings have dropped by about fifty percent, and it may be due to the Affordable Care Act (ACA).
A bankruptcy court won’t ask the reason why someone decides to file for bankruptcy, but it’s safe to say that exorbitant medical bills were a major cause of bankruptcy filings prior to the arrival of the ACA. For those without health insurance, medical bills from an unforeseen health emergency can cost thousands of dollars, resulting in an enormous debt in a short amount of time.
Also potentially contributing to the drop in bankruptcy filings is the more stringent laws that make it harder to file for bankruptcy. Because of these laws, it’s practically a necessity to have a lawyer that understands the bankruptcy code and will help you navigate all of the hurdles that you’ll need to go through before you can declare yourself free of most or all of your debts.
This information is provided by Miami bankruptcy lawyer Alonso, Perez & Santos, LLP. Our areas of practice include bankruptcy, insurance litigation, debt harassment, credit card defense, foreclosure defense, immigration law, condominium law, business start-ups, and more. Call 305-676-7545 to speak with a Miami insurance attorney or bankruptcy attorney and receive a free consultation. We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.