Excessive medical costs are becoming more and more prevalent especially during the pandemic. It is very normal for individuals to face medical bills that they simply cannot afford because of the cost of unexpected medical emergencies, the increasing cost of continuing medical treatment, insurance deductibles, and copays, or even costly dental services.
Do not let your debt begin to stack up if you are unable to clear your medical debts when meeting your monthly expenditures. When faced with unmanageable debt loads, many people do not realize their choices, and often they can get into more trouble trying to satisfy creditors’ demands.
Today, because of the coronavirus pandemic and the economic crisis a large number of people are struggling with medical debts but fail to understand their rights and options which the experts at Marrero Serrano Farah Law LP will discuss in this article.
Battling Medical Bills and Medical Debts
Families from all walks of life are away from the financial crisis, just a single physical accident or sudden illness. For those who unexpectedly find themselves paying large bills from hospitals, the high expenses involved with health care in this country are well-known issues without a real solution.
People around Florida face severe medical costs each day, and the effects can be catastrophic for those without health insurance or who have accrued considerable medical debt. A way out can seem unlikely when you struggle with the problems of tens of thousands or even hundreds of thousands of dollars. You have the choice, though, to battle medical bills and debts to get debt relief. Over having nothing and going through a long court battle, medical care providers, health insurance firms, and banks all choose to earn some payment. Protections from bankruptcy are structured to deal with debt relief.
Using Bankruptcy for Debt Relief
It is not about giving up on your bills to apply for the rightful protection you are entitled to receive under Chapter 7 debt elimination or Chapter 13 debt reorganization. To protect yourself and your family, it is about taking action. Chapter 7 bankruptcy provides a path to eliminating current medical debt for people with lower incomes or whose costs are extremely high. Chapter 7 bankruptcy requires a debtor to negotiate with an appointed bankruptcy trustee by selling some non-exempt assets to pay off as much debt as possible and then have the remainder of the debt entirely discharged or wiped clean. Bankruptcy refers to existing debts, not future debts, so because of your current and future commitments, it is necessary to consider whether bankruptcy is your best choice with your attorney.
Chapter 13 bankruptcy could be an enticing choice for those who have a regular income and can make payments but need some breathing space and a reduction in their monthly payments. Bankruptcy under Chapter 13 requires a debtor to reorganize his or her medical debt and other qualifying debt into a repayment plan in which the debtor can repay the debt owed for the next three to five years. Chapter 13 also allows debtors to minimize their overall responsibility. Read more about this topic here.
Should I hire a Debt Relief Attorney?
If you’re piled up with Medical bills and debts in Florida, you must consult and hire a medical debt relief attorney at Marrero Serrano Farah Law LP. Our experts will help you understand your options and help you eliminated your stressful situation. You can contact us for more information. Free consultation.
