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Medical Bankruptcy
Compassionate Attorney Guides You Through Medical Bankruptcy
According to research published in the American Journal of Public Health, two-thirds of people who file for bankruptcy say medical issues are a key contributing factor in their need to do so. Medical bills and other financial issues contribute to more than 530,000 families filing bankruptcy each year.
If a medical issue arises, life can quickly spiral out of control. You may be unable to work while you are trying to tend to your health. Medical costs continue to rise. Many people are uninsured or have insurance that does not cover the full cost of medical bills. You may soon find yourself receiving harassing phone calls and that you are unable to pay off this debt.
Fortunately, relief is available through the bankruptcy system. Since 2012, McGuire Law Offices has helped people like you who have fallen behind on medical debt secure debt relief through bankruptcy. Contact us today to learn more about your options.
What Is Medical Bankruptcy?
“Medical bankruptcy” is not an official legal term or type of bankruptcy. However, many bankruptcies are based on medical-related debts. Some consumers think that they cannot file bankruptcy for medical debts, but this is not true. A medical bankruptcy lets you have medical debts discharged. You can also get relief from other types of unsecured debts, such as:
- Credit card debt
- Personal loans
- Collection agency accounts
- Past due utility bills
- Repossession deficiency judgments
- Past due rent
- Civil court judgments
Your lawyer can help identify all your debts and determine which can be included in your bankruptcy filing. There are multiple types of bankruptcy that can provide relief for medical debt, and a lawyer can help determine which form of bankruptcy is best, based on your particular situation.
Get A Free Bankruptcy Evaluation Today
Call (402) 965-0775 or (308) 221-8222 or click here to submit a consultation request form now.
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Chapter 7 Medical Bankruptcy
Chapter 7 is the most common type of bankruptcy used for medical debt. With Chapter 7, you can permanently eliminate debt. Some non-exempt assets might be liquidated to help pay off some debts. However, Nebraska has many generous exemptions that allow many debtors to keep all or most of their assets.
Chapter 7 provides a fresh start, including to families who have been significantly impacted by medical issues. The entire process only takes a matter of months, so Chapter 7 is an excellent way to get debt relief quickly.
Chapter 13 Medical Bankruptcy
In some situations, your bankruptcy lawyer may recommend you file Chapter 13 bankruptcy, such as when:
- You have non-exempt assets you would lose if you file Chapter 7 bankruptcy
- You have substantial debts that would not be dischargeable through Chapter 7 bankruptcy
- You do not pass the means test
- You do not qualify for a Chapter 7 bankruptcy
A Chapter 13 bankruptcy lets you modify your existing debt payments by reorganizing debt into a manageable debt repayment plan over three to five years. In a typical chapter 13 you pay what you can afford to pay for 3-5 years and then any unsecured balance which is not paid is wiped out.
To qualify for chapter 13 your total unsecured debt must be under $419,275.00 and secured debt under $1,257,850.00 as of 2022.
Learn The Truth About Bankruptcy And How To Get Out of Debt Without Losing Your House, Cars, or Retirement
Bankruptcy Attorney Thomas M. McGuire reveals five bankruptcy myths that keep people drowning in debt and afraid to claim the fresh start they deserve.
Learn The Truth About Bankruptcy And How To Get Out of Debt Without Losing Your House, Cars, or Retirement
Bankruptcy Attorney Thomas M. McGuire reveals five bankruptcy myths that keep people drowning in debt and afraid to claim the fresh start they deserve.
When to File for Medical Bankruptcy
You can file for medical bankruptcy at any point, but you should keep in mind that once you file for bankruptcy, you will not be able to file again for several years. Therefore, if you have a chronic illness or expect to continue to have additional medical bills within the next few years, you may want to hold off on filing bankruptcy.
When you file for bankruptcy, all of your debts will be factored in. If you have other large debts in collection, have an outstanding judgment against you, or are losing money from your paycheck through garnishment, bankruptcy might be able to address these other debt problems.
How a Lawyer Can Help with Medical Bankruptcy
A skilled bankruptcy attorney can help you file bankruptcy for medical debt. McGuire Law Offices can help you by:
- Preventing you from making costly mistakes
- Sorting out your options and determining which type of bankruptcy is best for you
- Providing sound legal advice based on our many years of experience and familiarity with the federal bankruptcy system
- Determining all debts that are eligible to be discharged
- Gathering information and documents related to your case
- Protecting you from harassing behavior by creditors and collection agencies
- Ensuring that collection activities cease once you file for bankruptcy
Having a bankruptcy lawyer on your side can provide peace of mind while going through this difficult and complex process. A bankruptcy lawyer can answer questions you have about the process, complete the necessary bankruptcy forms, and determine which type of bankruptcy is best for your particular situation.
Contact a Skilled Attorney for Help with Medical Bankruptcy
Medical expenses can quicky become overwhelming. McGuire Law Offices is here to guide you through your medical bankruptcy. Contact us for personalized legal advice based on your particular situation.
Get A Free Bankruptcy Evaluation Today
Call (402) 965-0775 or (308) 221-8222 or click here to submit a consultation request form now.
Get Help Now
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