The Need for Medical Bankruptcy
Bankruptcy is not a pretty thing. For some, it’s their only option, but for many it ruins their credit score. However, you might have too much debt and you just need to get out of it. The creditors are calling and more and more things happen that make you choose this. One sort of thing that puts people into so much debt are medical bills. Bankruptcy medical bills just keep accrewing. There is a way to file for medical bankruptcy. This is what this article will help you with.
There are two different types of bankruptcy that people can file for when they are filing individually. There is Chapter seven and then there is Chapter thirteen as well. These two differ. So, let us tell you how they differ so that you can better understand them. Then you can decide which is better of the two for you.
When you file for Chapter Seven bankruptcy it forgives you of all your debts. This debt includes the medical bills that have racked up over time. This remains on your credit report for ten years. However, while you do have to be employed to apply for this, they don’t put a limit as to where your debt has to be. They don’t put a cap on how much debt you have to be in for you to apply to this.
Chapter thirteen differs quite a bit as we have mentioned. This is court supervised. This is nice to have as it protects you from being sued. It also keeps you from losing your assets. You can set up a plan through the courts to pay them back. This too includes medical bills. However, there are things about this such as you have to have under seven hundred and fifty thousand dollars worth of debt. If you have more than that, then you do not qualify. If you are unsure about which way to go, talk to a lawyer or the American Bankruptcy Hotline and have them assist you in deciding if medical bankruptcy is right for you. It’s worth it in the end.
Related posts:
- Medical Bankruptcy Statistics – How To Avoid Becoming Another One
- Bankruptcy Attorneys and Bankruptcy Options
- Easy-to-Understand Bankruptcy Fact Sheet
- Getting Discharged from Chapter 13 Bankruptcy
- Considerations and Steps for Chapter 13 Bankruptcy
Comments
Search
Tag Cloud
acne alarm monitoring Archery bow Archery Bows baby bad credit bad credit loans best juicer blinds credit card debt cubic zirconia curtains Debt debt settlement detox cleanse diet Forex hair removal health home Hunting bow Hunting Bows Insurance Investing juicer machine jump higher Kitchen laser hair removal laser lipo led grow lights liposuction Loans lose weight luggage music online dating tips patio lighting rugs Shopping solar lights teeth whitening tiki torches toddler weight loss window treatments
