By Kerri Fivecoat-Campbell, Next Avenue Contributor
Kyle Alfriend’s life was going well in 2007. He had retired early at 44, but after three years, became bored and decided to start another real estate business. Thirty days later, his 15-year-old son was diagnosed with a rare form of leukemia.
Alfriend’s private insurance didn’t cover the costly experimental treatments, so he ended up selling all his assets and cashing out his retirement funds. “The only thing we kept was our primary residence,” Alfriend said. Even so, Alfriend still owed $750,000 in medical bills not covered by insurance.
“Friends told me I should file bankruptcy and I probably should have, but I needed my credit to rebuild,” Alfriend said. It took him five years, but he was finally able to pay off the massive medical debt. “In 2015, we were able to celebrate,” said Alfriend. “And my son is doing great.”