If you’re facing difficult financial times, there is a tendency to bury your head in the sand. If that is your sentiment, you may be best served by contacting a reputable bankruptcy attorney for more information about your options on dealing with debt, assets, and other concerns with cash-flow.
Most bankruptcy lawyers are out to help. Some have even been on extremely difficult times just like you. The fact is, bankruptcy’s number one cause is medical problems. Illness or accidents have a twofold effect on a person’s finances. First of all, they inhibit you from being able to work, or at least to work well. And secondly, they rack up huge bills for those who are uninsured or under-insured. If you have high deductibles, and maximum coverages that are lower than your actual medical costs, you could be up a creek with regards to handling the bills.
The bankruptcy options that are typically available to a person with medical problems include chapter 13 bankruptcy which helps a client potentially get their home caught back up after under or unemployment. Chapter 13 is no walk in the park, it involves making a trustee payment to the bankruptcy court’s designated trustee in order to handle some portion of the debt, with a focus on secured debts. Chapter 7 bankruptcy is a far less cumbersome type of bankruptcy and also comes with a lesser cost. However, ch 7 bankruptcy comes without some of the distinct advantages that chapter 13 bankruptcy provides. For example, if you have become behind temporarily on a house or vehicle, the chapter 13 allows for a catch-up over 3-5 years. On the other hand, with a chapter 7 bankruptcy, if you are behind on these types of debts, they must essentially be brought current by the end of the bankruptcy’s automatic stay. If you need help resolving medical debts through bankruptcy, contact a qualified attorney or financial adviser today!