Can you eliminate medical debt though bankruptcy?

One accident or prolonged illness can lead to medical bills that may be impossible for your family to overcome. Health care is quite expensive, and the cost of emergency or long-term care can overrun a victim and his or her family to the point that it affects other areas of their financial life. Medical bills are a real problem for many Americans, and they may be for you too. However, there is hope.

Even if you have health insurance, the accumulation of medical bills can quickly outpace your ability to pay. If you are left with a huge bill and are unsure of how you can manage all of your financial obligations, you should know that medical debts are eligible to be discharged through bankruptcy.

Why should you file for bankruptcy?

Despite the stigma of bankruptcy, this option is a reasonable way by which you can eliminate or pay off certain debts in an organized manner while being shielded from any threats from creditors or collection efforts. If you are unsure about this legal step or have concerns about the potential impact this serious choice could have on your life, consider the following:

  • Both Chapter 7 and Chapter 13 bankruptcies will eliminate all medical debt that was accumulated before you filed.
  • Bankruptcy enacts the automatic stay, halting wage garnishment, foreclosure actions and threats from creditors.
  • Retirement savings are exempt in both Chapter 7 and Chapter 13 bankruptcies, leaving your future intact.

Bankruptcy is not the best choice for everyone, but a bankruptcy attorney can evaluate your situation, identify your options and help you move forward with the chapter of consumer bankruptcy most appropriate for your situation.

You can have a fresh financial start

Not only can bankruptcy provide you with a reasonable way by which you can deal with your medical bills, it can help you gain a fresh financial start. If approved for either Chapter 7 or Chapter 13 bankruptcy, you can regain control of your future and your finances.

Seeking the guidance of an attorney who is completely dedicated to bankruptcy law and who has expansive knowledge in this area of the law can benefit you. When you have a knowledgeable, experienced legal ally by your side, he or she will help you make decisions that will address your present medical debt and also provide the foundation for stability in the months and years ahead.

No Comments

Leave a comment
Comment Information

Contact

Christopher Kerney Attorney at Law
102 Public Sq
Gallatin, TN 37066

Phone: 615-206-3004
Fax: 615-451-0084
Gallatin Law Office Map