The majority of people who end up having to go bankrupt have not willingly put themselves in this position. Most struggle at trying to do their best to keep their debt in control. When something unforeseen arises like health issues this can have a devastating effect on the financial situation. Many people end up having to file for bankruptcy because the source of their financial problem is coming from their medical debt.
Erasing Medical Bills
Some make every attempt at trying to pay these medical bills down, and as a result in puts them into arrears with their other financial obligations.For those that are eligible and filing under the Chapter 7 Bankruptcy relief the medical debt will be discharged. There are others who do not meet the eligibility requirements for Chapter 7 and have no choice but to opt for Chapter 13.
In the Chapter 13 bankruptcy you will come under the protection of your repayment plan. This plan will include the repayment of a portion of your medical debt at least. In some cases when this type of debt is very high, which it usually is, a portion of the medical debt is discharged once the plan has been concluded.
If you find yourself in financial trouble no matter whether it is a result of medical debt or not, speak to a qualified Louisville bankruptcy lawyer. This way you will know whether bankruptcy is the right option for you, and if so which chapter do you qualify for.
