Bankruptcy Medical Options
Bankruptcy medical is growing alarmingly as many people find themselves in irreversible debt accumulated after sickness.
In 2009, research showed that 60 percent of people who declared bankruptcy did so under bankruptcy medical. Disease can guzzle funds and leave one in a position of not being able to pay debts, and so many people are forced to choose between the available options for bankruptcy. The grim realization is that unless you are super rich, then you are actually just one illness away from bankruptcy. So with the medical bills glaring, the question is whether to go file chapter 7 or chapter 13. Well, it depends on the situation.
There are many reasons why chapter 7 may come in handy when you are contemplating bankruptcy medical. Chapter 7 takes care of all unsecured loans like medical bills, credit card loans, payday loans and personal loans to name but just a few of them. One thing that all these loans have in common is that they are not tied to your property.
Another option is chapter 13. This is a bit more technical but with help from experts and from the right resources like this one, you will be able to file for bankruptcy medical easily. Even before you file for bankruptcy, it is important that you speak to bankruptcy lawyers or experts so that they can advise you of any other available options. In most cases, there may be a second option, and it is only that you do not see it.
The most important thing is to be able to select between chapter 7 or chapter 13 bankruptcy. Usually even when you are facing bankruptcy medical in the face, these are the available options for you. If you have both secured and unsecured debt, then you will find that chapter 13 is the best because it will allow you to file a repayment plan that excludes the interest.
So who files for bankruptcy medical? Many American families find themselves in a rut. It does not matter whether they have medical insurance or not, but the truth is that the bills and other expenditures of the home can be too overwhelming.