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More senior citizens are filing for medical bankruptcy

Anyone who suffers from a sudden injury or illness is at risk of having considerable medical bills. Some assume that having good insurance will protect them from this; however, they aren't taking co-pays, deductibles and expenses that aren't covered into account. Unfortunately, there is one demographic of individuals who is facing an increased chance of having financial difficulties because of medical bills – senior citizens.

Many senior citizens are having to pinch pennies to make ends meet. This means that they may have to choose between paying a co-pay for a prescription and buying food. The medical care costs might take a large percentage of their monthly income so they may turn to credit cards and loans to cover everything.

At some point, they might find that they aren't able to pay for everything. This can trigger a need to do something about the situation. More senior citizens are turning to bankruptcy now than they did in the past. While this might seem shocking, it shouldn't really be a surprise to anyone. These elderly individuals are sometimes harassed by unscrupulous debt collectors. They want to pay what they owe, but they simply can't. Instead, they turn to the only relief they can find.

One thing that senior citizens are scared of is losing their retirement. Typically, retirement plans are exempt from bankruptcy proceedings, so they can't be touched if they do file. By filing bankruptcy, the senior protects that asset and won't have to pull money from it to pay off the medical debt.

It is imperative that any senior citizen who's facing considerable medical bills review their options for dealing with them. Bankruptcy might be a viable one, so don't look past it if you're in this position.

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