Eliminate Medical Debt In Bankruptcy

This New Year is one for the record books in many ways.  For most people, financial goals are just as common as fitness goals this time of year. However, this year a record number of Americans are facing higher than ever before credit card balances and unpaid medical bills. Fortunately, there are some solutions to wipe out those medical debt balances and start your New Year off on a solid financial foot.

One of the most important considerations when filing for bankruptcy is to ensure you are working with a qualified Houston bankruptcy lawyer. Although not required, you should consult with a Houston bankruptcy lawyer before all else. Due to the complicated, legal nature of bankruptcy, it is not advised to work alone through the bankruptcy process. A bankruptcy attorney can answer any questions that you have about bankruptcy and debt relief. They can review all of your debt relief options and guide you to an educated decision that is best for you and your family.

Another major consideration in filing for bankruptcy to eliminate medical debt is whether or not you have the ability to repay some or none of your debt. Depending on your income-to-debt ratio, you may be eligible for a full debt elimination in a matter of months through a Chapter 7 bankruptcy. If your income is a bit above the cutoff for a full debt elimination in Chapter 7; you may qualify to have a portion of your debt cancelled, while you repay the remaining balance over time through a structured payment plan.

Be sure to consult with a Houston bankruptcy lawyer about your medical debts before you file to ensure desired outcomes with your debt relief.