In many cases losing your job means losing your medical insurance. For many families today it would be easier to lose one income than it would be to lose their medical insurance.
Finding yourself unemployed is very stressful and the last thing you want to be worrying about is that someone might get sick or have an accident that could require emergency attention. If there was an accident or unexpected illness in the family it wouldn't take long for medical bills to pile up to a point where bankruptcy is your only option.
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Job loss is not the only way to lose your medical coverage. For some companies eliminating employees is an absolute last resort. They would rather cut medical cover or remove coverage altogether before firing people. This is commendable in some ways because employees can keep their wages however living without health insurance can be a very dangerous situation.
If you have lost medical coverage it is important not to fall into a couple of financial traps.
For example, it is never a good idea to put medical services such as prescriptions on your credit card. Not only do credit cards have sky-high interest rates but you are building a debt that can force you into bankruptcy before too long.
Another method people use in desperation is to take a loan out against their home to pay down medical debts. This is a good idea in theory because the interest rates on home loans are typically much lower however it is not a good idea in a down real estate market. The equity you have in your home has likely been reduced and you don't want to narrow that margin by taking out a loan against your home. Not to mention that you could easily lose you home if you were to get in to far over your head.
It is important that you don't discount the power of prevention. Start exercising even if it's just parking farther from your office everyday. Once you start moving moving your body, start making changes to your diet. Drink less soda and more water and add fruits and vegetables in place of fats and sugars. These changes can go a long way in keeping yourself out of the doctor's office.
If it's already too late and medical bills are totally overwhelming you and you're considering bankruptcy than arm yourself with a skilled bankruptcy lawyer as soon as possible. This person can walk you through the differences between chapter 7 and chapter 13 bankruptcy and help you decide what the best choice is for your situation.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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