Have Questions About Maryland’s Medical Debt Bankruptcy Options?
Are You Considering Bankruptcy Due To Medical Debt? Consider a Bankruptcy Attorney
For most of us, one of the biggest financial goals in life is to build wealth so we can pass money along to the next generation, so they won’t have to struggle as hard. However, getting blindsided by an injury or illness can thwart that plan and change everything in an instant.
If you are considering bankruptcy as an option, our founding attorney at The Law Office of Donald L. Bell, located in Greenbelt, can help you analyze your options. In Maryland, there are multiple options when it comes to filing for bankruptcy. We will explain the ways filing for bankruptcy can save your home and preserve your future. Let us help you choose the option that works best for you and your preferences.
What Happens To Medical Bills With Chapter 13 Bankruptcy?
In a filing for Chapter 13 Bankruptcy, your debts are reorganized so that you can have a chance to repay them. This means you don’t have to give up your home, a huge benefit for many people.
With a Chapter 13 Bankruptcy, some debts are repaid in full, some are only partially repaid, and some are eliminated completely. This means your house will not need to be sold in order to pay your medical debts. Are you are considering bankruptcy because of an injury or illness that left you with an overwhelming mountain of medical bills? A Chapter 13 Bankruptcy means you will be able to keep your home for future generations to enjoy.
What Happens To Medical Bills With Chapter 7 Bankruptcy?
Under a Chapter 7 Bankruptcy, debts (like medical and hospital bills) and qualifying assets are liquidated. As a result, it is often referred to as liquidation bankruptcy. Your assets will be sold, so that your creditors (like the hospital or health care companies) can be paid off. While this is a good option for many people, it isn’t for those who wish to keep their homes.
Overwhelmed By Medical Debt Because Of An Injury Or Illness? Call Today.
If you are overwhelmed by a never-ending stack of medical bills because of an unexpected illness or injury, don’t wait. Debt doesn’t have to hang over your head for the rest of your life. Call our office today at 240-624-0748, or send us an email using our online contact form to schedule your free consultation. We will help you understand all of your options and help get you back on track with your financial goals and dreams.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.