How Chapter 7 bankruptcy can help address medical debts | Reed Law Firm, P.A.

How Chapter 7 bankruptcy can help address medical debts

On Behalf of | Feb 8, 2019 | Medical Debt |

If you are suffering financially due to unexpected medical bills, the situation may feel completely out of your control. Medical debt can be particularly problematic for a person’s finances because a person needing medical attention may also be losing wages as a result of not being able to work.

Your health should be the top priority when making any medical decision. But the stress of medical debts can have a significant impact on a debtor’s health, leading to a vicious cycle. It is important, therefore, that you take care of yourself while looking at the possible solutions for your financial situation.

What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy is a type of bankruptcy that allows eligible debtors to reorganize their debts and have some of them discharged. Only certain people are eligible to file for Chapter 7 bankruptcy, and eligibility is partly established through a means test that verifies your income and assets.

Can my medical debt be discharged in a Chapter 7 bankruptcy?

It is possible to have medical debt discharged in a Chapter 7 bankruptcy. This is why filing for Chapter 7 bankruptcy is a very common choice for those struggling financially due to medical bills.

Can I address medical debts without filing for bankruptcy?

Your ability to resolve your debts will depend on your financial situation. You may be able to pay your doctor affordable installments each month.

If you want to find a way out of your crippling debt and get a fresh start, you should take action to explore your Chapter 7 bankruptcy options in South Carolina.

Best Bankruptcy Blog | | Best Bankruptcy Lawyers in Columbia | 2021