The path from personal injury to bankruptcy can be a difficult one. Often injuries sustained can render an individual unable to work or earn as much income as they previously did, and personal injury settlements can be insufficient to cover mounting medical expenses.
The Wide Prevalence of Personal Injury
In today’s modern workplace, accidental injury is a common occurrence. So much so that 3,007,300 occupational illnesses and injuries were reported in 2013 alone. While slips, trips and falls in the workplace make up most of all the general industry accidents, in specific industries, the risk for personal injury exponentially increases. For individuals in construction or other industrial environments, for example, there is a constant risk from “focus-four hazards” (falls, caught-in, struck-by, or electrocution) prevalent in their daily job sites. Even individuals who are regularly required to operate a motor vehicle for most of their day are more susceptible to the risk of bodily injury as a result of motor vehicle accidents.
The Role of Medical Insurance
When examining the relationship between personal injury and bankruptcy, it’s essential to understand the role of medical insurance. According to a 2011 study, 62 percent of bankruptcy filings in the United States are due to illness or medical bills.
Many health insurance policies further compound this issue because they offer insufficient coverage for the medical care needed following serious injuries. Employer-based coverage sometimes fails to protect individuals because the injury may lead to job loss and a subsequent loss of coverage. As a result, the personal injury often leads to financial ruin through a loss of income, and bankruptcy is often the only option for mounting medical bills.
Parker & DuFresne
At Parker & DuFresne, we understand the relationship between personal injury and bankruptcy and are here to help. Filing for bankruptcy can be a difficult process—one that should not be done without the legal guidance of an experienced attorney.
We specialize in bankruptcy law, and we help get clients across Northeast Florida back to financial stability. If you have been injured, we have the resources you need to get back on track. Starting with our thorough consultation, we’ll help you determine if bankruptcy is the right solution for you while we develop the best legal strategy suited for your financial situation. Contact us today to learn more!