Knoxville Bankruptcy Firm Clark & Washington Explores the Dangers of Medical Debt as a Leading Cause of Bankruptcy

    KNOXVILLE, TN, April 28, 2015 /24-7PressRelease/ -- One in five Americans today has some level of medical debt, according to the leading Knoxville bankruptcy lawyers at Clark & Washington. Despite President Obama's Affordable Health Care program, the medical debt of the average American has climbed steadily in the past five years.

The lack of health insurance is the main reason why so many Americans are burdened with medical debts. Payment for emergency medical procedures or sudden illnesses is charged to credit cards and can take years to pay off - or not at all. In the case of the latter, the debtor is often forced into filing for bankruptcy.

High deductibles are also partly to blame for soaring medical debt. More than one-third of employer-sponsored health insurance plans in 2013 carry a steep $1,000 deductible per individual. This represents a marked 10 percent increase from 2006. The average deductible for a family plan comes to almost $6,000.

The lack of price transparency in health spending is another leading cause of increasing medical debt. Few patients know ahead of time how much a needed medical procedure will cost. This often leads them to agree to a procedure that will end up costing thousands of dollars that they cannot afford.

When your medical debt is forcing you to declare bankruptcy, get in touch with Clark & Washington right away. As seasoned Knoxville bankruptcy attorneys, they have the experience and knowledge to guide you through a successful and stress-free bankruptcy filing. Get in touch with them for any questions you may have about bankruptcy in Knoxville. Your initial consultation is always free.

To learn more, go to http://www.knoxvillebankruptcyattorney.com.

About Clark & Washington:

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal Chapter 7 and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.knoxvillebankruptcyattorney.com.

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