Medical Bankruptcy Facts

When people think about bankruptcy, they usually think of cars, houses, or credit cards. They usually don't think about medical bills. But the truth is that a large portion of the bankruptcies that are filed in the United States are thanks to overwhelming high medical bills that people are unable to pay.

If you are someone who is considering medical bankruptcy, here is some information that will explain to you the two kinds of bankruptcy and how they can affect your bills and how they will affect you in the future.

Chapter 7
This type of bankruptcy will completely forgive most of the debts that a person has, which will include all of their medical bills. The bad thing about this form of bankruptcy is that it's going to remain on a person's credit report for a decade, which is a long time. This is also going to really affect their credit, even if the person filed it only because of their medical bills.

Chapter 13
This type of bankruptcy involves the repayment of debts, supervised by a court, and it protects the debtor from being sued by those the person is indebted to. It also is going to protect their assets. All of a person's medical bills are able to be repaid this way, and sometimes the bills are settled for less than the original amount. Unlike Chapter 7, this bankruptcy only lasts on a person's credit report for seven years.
If you have a lot of medical bills, it's important to explore all of your options and exhaust them before you fill for bankruptcy. No matter how bad it gets, there is always a way for you to get help. Bankruptcy should be your absolute last resort, because it's something that is going to ruin your credit and will stick with you for a long time afterwards.
Before jumping into bankruptcy, talk to your doctors and the hospitals that you owe money and see if there is something that they can do for you. It may be embarrassing, but it's a better alternative to filing for bankruptcy, and chances are that it's going to have a better outcome for you.

Look at your bills, look at your options and look at yourself before you choose. Let this be your last choice when there's nothing else left to do.

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