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Medical debt is a major issue that affects millions of Americans every year. In fact, medical bills are the leading cause of personal bankruptcy in the United States. If you’re struggling with medical debt, you’re not alone. However, there are options available to you that can help you regain your financial footing. In this guide, Massachusetts bankruptcy attorney Logan Weinkauf explains how bankruptcy can help you get back on track. Table of contents
Understanding Medical Debt
Medical debt can arise from a variety of sources, including hospital bills, doctor visits, prescription drugs, and medical procedures. Even with insurance, medical bills can quickly add up and become unmanageable. In some cases, people are forced to choose between paying for medical care and paying for other essential expenses like rent, food, and utilities. It’s important to note that medical debt can happen to anyone at any time, regardless of their income or financial situation.
Bankruptcy and Medical Debt
If you’re struggling with medical debt, filing for bankruptcy may be an option worth considering. Bankruptcy can help you eliminate or reorganize your debts, giving you a fresh start and a chance to rebuild your finances. It’s important to note that bankruptcy should not be your first option, but rather a last resort when all other options have been exhausted.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, also known as liquidation bankruptcy, is the most common type of bankruptcy. In a Chapter 7 bankruptcy, your non-exempt assets are sold to pay off your creditors. However, most people who file for Chapter 7 bankruptcy don’t have any non-exempt assets, so they’re able to eliminate their debts without losing any property. In other words, most people who file for Chapter 7 bankruptcy keep all of their assets and eliminate their debts completely.
If you’re struggling with medical debt, Chapter 7 bankruptcy can be a good option because medical bills are considered unsecured debt. This means that they can be discharged in bankruptcy, allowing you to eliminate them completely. It’s important to note that not all medical debt is dischargeable in bankruptcy, so it’s important to speak with an experienced bankruptcy attorney like Logan Weinkauf to determine whether Chapter 7 bankruptcy is right for you.
Chapter 13 Bankruptcy
If you have assets that you want to keep, or if you don’t qualify for Chapter 7 bankruptcy, Chapter 13 bankruptcy may be a better option for you. In a Chapter 13 bankruptcy, you create a repayment plan that lasts between three and five years. During this time, you make payments to your creditors based on your income and expenses. At the end of the repayment period, any remaining unsecured debt is discharged.
If you’re struggling with medical debt, Chapter 13 bankruptcy can be a good option because it allows you to repay your debts over time while keeping your assets. It’s important to note that not all debts are dischargeable in Chapter 13 bankruptcy, so it’s important to speak with an experienced bankruptcy attorney like Logan Weinkauf to determine whether Chapter 13 bankruptcy is right for you.
Why Work With a Bankruptcy Attorney?
If you’re considering bankruptcy, it’s important to work with an experienced bankruptcy attorney like Logan Weinkauf. An attorney can help you understand your options and guide you through the bankruptcy process. They can also help you avoid common mistakes that could jeopardize your case. Bankruptcy is a complex process that requires a thorough understanding of the law and the legal system. An attorney can help you navigate the process and ensure that your rights are protected throughout the process.
Working with an attorney can also help you avoid common mistakes that could delay or even derail your case. For example, if you file for bankruptcy without proper representation, you may make mistakes on your paperwork or fail to disclose important information, which could result in your case being dismissed.
An experienced bankruptcy attorney like Logan Weinkauf can also help you determine whether bankruptcy is the right option for you. There may be other debt relief options available to you, such as debt consolidation or debt settlement. An attorney can help you understand the pros and cons of each option and help you make an informed decision about the best way to move forward.
How to Get Started
If you’re struggling with medical debt and considering bankruptcy, the first step is to contact an experienced bankruptcy attorney like Logan Weinkauf. We offer free consultations to help you understand your options and determine whether bankruptcy is right for you.
During your consultation, Logan will review your financial situation and discuss your options with you. He’ll explain the bankruptcy process and help you determine whether Chapter 7 or Chapter 13 bankruptcy is right for you. He’ll also help you understand what to expect during the bankruptcy process and how to prepare for your case.
If you decide to move forward with bankruptcy, Logan will guide you through the process from start to finish. He’ll help you complete your paperwork, attend your bankruptcy hearings with you, and work with your creditors to ensure that your rights are protected throughout the process.
Contact Weinkauf P.C. for a Free Consultation
If you’re struggling with medical debt and considering bankruptcy, Weinkauf P.C. can help. We offer free consultations to help you understand your options and determine whether bankruptcy is right for you. Contact us today to schedule your consultation.
Remember, you don’t have to struggle with medical debt alone. There are options available to help you get back on track and regain your financial freedom. Working with an experienced bankruptcy attorney like Logan Weinkauf can help you understand your options and make an informed decision about the best way to move forward. Don’t wait – contact Weinkauf P.C. today to schedule your free consultation.
Attorney Logan A. Weinkauf is ready to help you. Call 508-375-3878 or use our no obligation case evaluation form on our website’s home page.