Harvard study found that nearly 70% of bankruptcy cases are Medical Bankruptcy. With today’s high deductibles, the situation hasn’t improved. Illness can mean time off of work and reduced income. Medical Bankruptcy eliminates medical debt, but only the medical bills that are owed as of the date of filing your bankruptcy petition. If you are currently running up medical bills you have a couple of bankruptcy options: You can wait until your medical problems are over and then file a Chapter 7 case. If you can’t wait that long, you can file a Chapter 13 bankruptcy case and gain protection from your creditors until you are done incurring the medical debt. At that point, you may be able to convert your case to Chapter 7 and include all of the medical debt owed at that point.
There have been many examples of desperate people who encounter severe financial difficulties due to medical expenses. It’s extremely critical that you speak with a professional so that you have all of the information you need to make the best choice possible. Put your future in the hands of an experienced Minneapolis Bankruptcy Attorney. Gregory Wald is rated as “Superb” by the AVVO attorney rating company.
For more information regarding your specific situation, contact Minnesota Bankruptcy Attorney Gregory J. Wald for a consultation.