Women in New Jersey at Higher Risk of Medical Debt

November 27, 2012 (Press-News.org) Women in New Jersey at higher risk of medical debt

Debt presents a scary situation for both men and women. Women, however, find themselves at a unique risk when it comes to medical debt. Because of this debt, considering bankruptcy as an option can often turn out to be a positive decision, and there is no shame in getting help.

Why women?

Women are proven to struggle more with medical debt than men, but why is that the case? A report by the Commonwealth Fund found that 26 percent of women in the United States had trouble paying their medical bills in 2009, indicating that this is a major issue for many women.

The struggle with medical debt stems from several issues. Women, especially those of childbearing age, are known to use more medical services than men. Whether it is for having children or treating a serious condition such as cancer, women are using medical services at a higher rate.

Women are also sometimes told that they do not need comprehensive health care plans because they are healthy. Unfortunately, stripped-down health insurance plans can prove to be a huge problem if they do not cover the entire cost of an unexpected illness. Further, women on average have lower incomes than men. Taken together, these factors place women at a unique risk for medical debt.

Bankruptcy as relief

Historically, bankruptcyhas had a negative stigma associated with it, but this is becoming less of the case today. With the tough economy, it is no longer a surprise when someone declares bankruptcy or a business goes under. Many people are struggling, and in some cases bankruptcy is the only solution that allows them to get back on their feet again.

Because of this, bankruptcy should not be looked at as shameful, but instead as a fresh start. It is an opportunity to rebuild one's credit and negotiate debts. By declaring bankruptcy, many people have found an opportunity to rebuild themselves after financial difficulty.

Getting help

When backed into a difficult situation for reasons that may have been beyond an individual's control, there is no shame in getting help. This difficult economy has made it particularly hard for people, especially women, to find a way out of their financial struggles. Turning to other professionals in a time of need is often a commendable and wise decision.

If faced with debt, contacting an experienced bankruptcy law attorney in New Jersey can prove to take the weight off of one's shoulders. These attorneys will work with clients in order to ensure they have a fresh start that will help them to build themselves up again. Meeting with such an attorney can be the difference between an uphill battle and a gradual recovery.

Article provided by William H. Oliver, Jr. & Associates
Visit us at http://www.oliver-nj-bankruptcy.com/