Does Filing for Bankruptcy Eliminate Medical Debt?
Healthcare can be an essential and also astronomically expensive cost. There are many people across the United States that are put into uncomfortable financial situations as a result of seeking critical medical attention. Debt can further complicate problems associated with a person’s health and often place patients in the difficult position of dealing with debt long after they have managed an illness.
If you are struggling to address medical debts you may want to consider turning to chapter 13 bankruptcy relief.
It is estimated that 25% of Americans between 25 to 54 are carrying unpaid medical bills currently. As interest accrues steadily on past due medical bills, delaying payments can lead to costs only continuing to creep up. Even with the utilization of benefits, paying back medical bills can take decades for certain patients and it can often feel impossible.
Chapter 13 bankruptcy can be an alternative that can help some individuals to craft a repayment plan for repaying their medical debt. Typical repayment plans on medical debt last between 3 to 5 years and at the end of this debt repayment period, debts will be completely discharged. This may certainly vary however depending on the amount of debt that one may be facing.
Filing chapter 13 bankruptcy for medical debt could give you the tools that are necessary to put you back on the path towards a healthy financial future for you and your family again. Rather than seeking debt consolidation, if you feel completely overwhelmed by debts, it could be wise for you to contact a qualified bankruptcy attorney today. We can help you through the process of discharging your medical debt for the future. Contact us today for a free consultation on your situation so we can help you get back on the right track!