A recent study shows that more than credit card or mortgage debt, large medical bills are the main reason people need to file bankruptcy. In fact 3 out of every 5 bankruptcies are driven by medical bills. These bills are not just for the uninsured either. Many people with high deductible insurance coverage wind up with medical bills far to large to pay off given their income. If you find yourself with large medical bills that you cannot pay off or make any headway against, perhaps some form of bankruptcy is right for you. If you qualify, a Chapter 7 can often wipe out those medical bills without any further payments. Even if you do not qualify for a Chapter 7, a Chapter 13 repayment plan may allow you to pay a fraction of the amount owed and generally without paying any interest. To find out if either of these options is right for you, please give us a call.
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