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Bankruptcy: Medical debts and their impact on retirement

Many individuals in Ohio and across the country place a high priority on having a plan in place for the future. After spending years saving and planning for retirement, an individual might not want anything to disrupt his or her current strategy. Unfortunately, one medical emergency might be all it takes to leave one facing a seemingly insurmountable amount of debt, potentially prompting a need to seek assistance through the available outlets for relief, such as bankruptcy.

While there are numerous scenarios in which one might experience the burdens of debt, medical bills are one of the most prevalent concerns for those of a certain age. With the extensive costs of medical treatment, an emergency could leave a person facing a substantial financial hardships. Since a similar situation can happen at any moment, it can be difficult to plan for, and for those living on a fixed budget, the outcome could prove devastating.

Individuals who are closing in on retirement age, or who are currently retired, might not have enough saved up to cover the cost of an unexpected medical issue. Even for those with insurance, their plan may only cover a certain amount, which may leave them facing substantial monetary obligations. When forced to experience a similar scenario, many may wish to protect their financial futures, but they might be uncertain where to turn for guidance.

Those who suffer due to significant amounts of medical debt could benefit from seeking advice from an experienced attorney. A bankruptcy attorney can provide a client with advice on the options available and their potential outcomes. An attorney in Ohio can address a client's financial situation, along with his or her concerns and wishes, and provide advice and assistance in choosing a path with which to pursue relief from debts.

Source: fool.com, "More Retirees Than Ever Are Filing for Bankruptcy -- Here's Why", Katie Brockman, Dec. 16, 2017

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