If you’re considering filing bankruptcy due to medical bills in Georgia you’re not alone. According to NerdWallet Health medical bills are the number one reason why people file bankruptcy across the US. Medical bankruptcy doesn’t just affect people without medical insurance. Even people who have good insurance coverage can end up with huge medical bills that make bankruptcy the best option for them financially. For some people filing for bankruptcy is the best way out from under a mountain of medical debt.
Is Bankruptcy Right For You?
Bankruptcy isn’t always the right choice. Roswell bankruptcy attorneys are a good source of information if you want to get a professional opinion about bankruptcy for your specific financial situation. But in general if you don’t have a lot of assets and you do have a lot of medical debt a Chapter 7 bankruptcy could be a way for you to get rid of that medical debt. Bankruptcy isn’t a quick fix. It will hurt your credit for a few years. But if you’re struggling to pay off medical debt a bankruptcy could give you a more secure financial future.
Medical Debt In Bankruptcy
The debt that you have is classified in different ways in a bankruptcy. Some of your assets like your home or your car might be exempt from bankruptcy. But other debts like credit cards and medical debt is eligible to be wiped out by a bankruptcy. Medical debt is considered a nonpriority unsecured debt. That means that you can get rid of that debt by declaring bankruptcy.
Bankruptcy Isn’t A Quick Fix
Declaring bankruptcy isn’t a magic fix for your debt problems. Alpharetta bankruptcy attorneys can tell you more about the consequences of bankruptcy for your specific situation. But for most people who find themselves stuck with enormous medical bills a Chapter 7 bankruptcy gives them the chance for a clean slate so they don’t have to spend years trying to pay off huge medical bills.
Medical bills can happen to anyone. Most Americans are just one emergency away from falling into a pit of debt that they can’t climb out of without help. A car accident that leaves you or a loved one disabled, an emergency surgery, or a catastrophic illness can happen to anyone. Bankruptcy was created for situations like this when people need a little help getting back on their feet after an emergency.
GA Bankruptcy Laws – Get a Personalized Medical Bankruptcy Assessment
If you have medical bills that are piling up and you are wondering if bankruptcy is the best way for you to get rid of that debt talk to a bankruptcy attorney in Georgia today. Alpharetta bankruptcy attorneys and Roswell bankruptcy attorneys can tell you if you qualify for a medical bankruptcy and how a medical bankruptcy will impact your credit.
Medical bills don’t have to ruin your financial future. If you’ve been struggling to pay your medical bills but you just can’t keep up with the growing expenses talk to a bankruptcy attorney today. Your medical debt could be a thing of the past in just a few months.