You went to your doctor for your regular checkup. You were feeling run down but thought it was due to the stress of home and work life, then you got the news no one wants to hear. You have cancer. You’ve been fighting the good fight for a while now and it has left you physically and emotionally drained. It has also left you with some serious debt.
You and many other South Carolina residents who have received cancer diagnoses have found that its treatments are expensive and insurance only covers so much. While fighting for your life, you ended up falling behind on your medical and other bills. You aren’t working much, if at all, due to your failing health, so your income is extremely limited. What can you do when it all becomes too much to handle?
When fighting cancer, the last thing you should have to worry about it how to afford it all. Many hospitals and medical providers are willing to work with patients by setting up payment plans. According to one source, another good option is to look into financial assistance. This requires an application and income verification, but if you qualify, such assistance can be extremely helpful in relieving some of your financial stress. The key to staying on top of it all is seeking help early.
When payment plans or financial aid fails to be enough, what is the next step? Sometimes these things are helpful for a while, but long-term they may not provide enough financial relief. Did you know that medical bills qualify for bankruptcy discharge? It’s true, they do. While it may view it as a last resort option, if you do decide to go this route and your bankruptcy petition receives court approval all your medical debt can possibly be wiped clean from your credit record.
What kind of bankruptcy?
Those seeking to have debts discharged will generally file Chapter 7 petitions. However, to do this one must meet the necessary income restrictions. To figure out if you qualify you can take a means test, which you can obtain through a bankruptcy attorney.
If you do not qualify for a Chapter 7 bankruptcy, a Chapter 13 may be beneficial. This will require the creation of a payment schedule, but at the end of the repayment period, remaining debts may qualify for discharge.
Not sure if bankruptcy is the right way to handle your debt? It is okay to ask questions. With legal assistance, you can make the decision that best benefits your current situation.