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Medical Bills and Bankruptcy

Debt relief and bankruptcy attorney John Ioakimidis has helped his clients for over 25 years erase and settle medical bills. There is no question that our medical system needs urgent repair. The price of medical care and medication is entirely out of control. There would be no end if we had to describe all the outrageous charges that medical providers and hospitals charge. A heart bypass surgery with a few days in the hospital can cost over a quarter of a million dollars. An MRI or CT can cost over $5,000. Even non-evasive procedures and minor surgeries can cost tens of thousands of dollars. It is no surprise because thousands of Americans have filed for bankruptcy because of outstanding medical bills. It is truly one area in our economy where consumers have no way of negotiating prices on an individual basis. If you are ill, negotiating pricing with your doctor and hospital is not part of the transaction. As the system stands now, you must agree to what your doctor and hospital want, or they will not cure you. For the last 22 years, I have been helping my clients in the greater Chicago area, Cook, Lake, DuPage, Will, and Kane Counties, to eliminate or reduce their medical bills by negotiating with their medical providers or filing a Chapter 7 or Chapter 13 bankruptcy. Do not let your outstanding medical bills become a lifelong burden. 

So, I have health insurance; will I still have medical bills? 

Those who are fortunate enough to have good health insurance coverage still must pay high deductibles for medical services and medications. It is not uncommon today for health insurance policies to have deductibles of five to ten thousand or more. That means that you must pay that amount before the insurance kicks in - and even when it does, it seldom pays the remaining balances in full. If you have suffered an illness that has caused you to have high medicals and cannot pay them, I can negotiate with your medical providers to reduce or eliminate them. If your medical providers are unreasonable, then you can assert your Constitutional right and file for a Chapter 7 or Chapter 13 bankruptcy and erase or drastically your medical bills. 

What if I do not have health insurance or lousy insurance?

For those who have bad or no health insurance coverage, the situation becomes even more difficult because they either get less care or pay more in the end. If you do not have insurance and need medical services, you get charged the total retail price of medical services. That means that for the same medical procedure, a person without insurance is charged outrageously more than a person with insurance - in many instances, 5 or 10 times or more. 

So, how can I erase my medical bills? 

If you have medical bills that you cannot afford to pay, I can negotiate with your medical providers to get you the best possible outcome. Medical providers are often willing to negotiate a reasonable solution. I have eliminated and reduced millions of dollars in medical bills over the last 25 years. 

So, if my medical providers do not agree to a compromise, what happens? Is bankruptcy the answer? 

In certain circumstances, if your medical bills are overwhelming and your providers are unwilling to compromise to the extent that you can agree to, we level the playing field and advise that you file for either a Chapter 7 or Chapter 13 bankruptcy. You get the protection of federal laws, which allow you to put a permanent end to your outstanding medical bills by either erasing them or drastically reducing them - up to 90% or more in Illinois. Bankruptcy is an effective and time-proven option to erasing your medical debt. The rights afforded to you are many in bankruptcy under federal law and the laws of the State of Illinois. 

A Chapter 7 bankruptcy will eliminate your medical bills if you have little assets. In a Chapter 7 bankruptcy, you get to keep your essential personal property, retirement accounts, IRA, and pension. You can even keep your car and home if you have little equity. 

On the other hand, in situations where you have substantial equity in your home or car, a Chapter 13 bankruptcy can reduce your medical bills by 90% or more in Illinois. The nice thing about filing a Chapter 13 is that you can stretch the drastically reduced payments over five years interest-free. Often, you end up paying zero on your medical bills, even in Chapter 13, because medical providers just write off the debt and do not file the necessary paperwork with the Court - that scenario is common. It also causes your repayment plan to finish early as a bonus. 

As a Chicago bankruptcy attorney who has for two decades guided his clients in Cook, Lake, and DuPage counties on how to erase their debts and medical bills, I can tell you firsthand the happiness of becoming debt-free. It will bring peace and relief to your life. The collection calls will stop, and the pressure will come off. You can put the collectors in your past and focus on your future. 

So, Do I have to file a Chapter 13 or Chapter 7?

That depends on your economic circumstances. It often comes down to how well your attorney understands the bankruptcy law and how the Courts apply the law in actual cases. If you do not get the best possible advice, it could cost you thousands of dollars. This is where an experienced bankruptcy attorney becomes critical to success. I have filed over 700 bankruptcy cases for clients over the last 25 years. I have seen the almost scenario and have acquired the skills to create an intelligent solution for you. 

I often get calls from other bankruptcy lawyers asking for help with their cases because they did not do something the best way. Filing a bankruptcy case is one thing; getting the case approved by the Court takes creativity and years of expertise. Very few Chicago area bankruptcy lawyers practicing in Cook, Lake, and DuPage, Will, and Kane Counties have such depth of bankruptcy knowledge and experience. I am confident that I have the real-world experience to guide you in the best possible direction to becoming debt-free.  

Medical bills are out of touch with the real world. Medical providers charge pretty much what they want to charge. It is not like we negotiate the price with our medical providers when we need their help. Even if you have health insurance, you can end up with thousands of dollars in medical bills. If you are unable to pay your medical bills, the collection agencies start their harassing calls. If you want to end your medical debt and move on with your life, filing bankruptcy gives you a federal option under the US Constitution. 

As a Chicago bankruptcy attorney representing clients in the greater Chicago area, it has been my pleasure to help ordinary people become debt-free since 1995. When we file your bankruptcy case, your stress will go down, the harassing phone calls will stop, and peace will return to your life.  

How do I start?

Call 312-229-5500 or contact us online, and I will personally guide you through your options. The process is straightforward if you have the right bankruptcy lawyer. I carefully evaluate your overall economic situation and then move ahead with the best possible course of action. The idea is to emerge in a much better position than your current circumstances. Take advantage of my invitation for a free consultation and learn about becoming debt-free.   

Contact Me Today

I'm committed to helping you get out of debt and starting a new life. If you live in Chicago, Cook County, Lake County, DuPage County, Kane County, McHenry County, or Will County, contact me for a free consultation over the phone, in person, or video call.

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