In Centennial, a common reason men and women consider filing a Chapter 7 or Chapter 13 bankruptcy is because of medical emergencies which have left them in debt. Fortunately, a Chapter 7 and Chapter 13 bankruptcy can provide debt relief if you are struggling with overwhelming medical debt.
Littleton Chapter 7 Bankruptcy and Medical Debt | Medical Debt Discharged in Chapter 7
In a Chapter 7 bankruptcy in Littleton, your medical debt can be discharged as it is considered an unsecured debt. An unsecured debt in Colorado means there is no collateral or property used to secure a loan. In return for wiping out medical debt and other unsecured debt in a Chapter 7 bankruptcy, you will give up nonexempt property to pay your unsecured creditors. Speak with Chapter 7 bankruptcy attorney Barry Arrington for details about whether you may qualify for a Chapter 7 bankruptcy or not.
Chapter 13 Bankruptcy and Medical Debt in Aurora
In a Chapter 13 bankruptcy in Aurora, you will set up a 3-5 year repayment plan to pay your creditors. In that repayment plan, you will pay a portion of your medical debt. The amount you pay of your medical debt depends on your disposable income and how much your unsecured creditors would have received if you filed a Chapter 7 bankruptcy instead. In many Chapter 13 cases, since you will only pay a portion of your medical debt, anything remaining after you finish your plan payments will be discharged.
Greenwood Village Bankruptcy and Medical Debt: When to File Bankruptcy if You’re in Medical Debt
You should be aware that a Chapter 7 or Chapter 13 bankruptcy will only get rid of medical bills incurred before filing bankruptcy in Greenwood Village. Any medical bills you get after you file bankruptcy cannot be included in your bankruptcy. If you have any additional medical bills after filing bankruptcy, you must wait to file another Chapter 7 or Chapter 13 bankruptcy to get rid of them. If you are struggling with excessive debt because of medical bills and are at a loss for what to do, contact bankruptcy lawyer Barry Arrington today. Barry will sit down with you in a free initial consultation and help you figure out your best steps going forward. Call today.
If you have more questions about how medical bills are treated in a Chapter 7 or Chapter 13 bankruptcy in Colorado, contact experienced bankruptcy attorney Barry Arrington for a free consultation to discover how bankruptcy can give you a fresh start. Contact him at 303-205-7870.