Medical debt is one of the main reasons that people file for bankruptcy. If you are thinking about filing for bankruptcy due to medical debt, then it is a good idea to consult with an Ogden bankruptcy attorney. There are several things that you need to know about bankruptcy if you want to file due to medical debt.
Your bankruptcy attorney Ogden Utah will tell you whether it is best for you to file for Chapter 7 or Chapter 13 bankruptcy. You will likely be able to get rid of all of your medical debt if you file for Chapter 7. Medical debt is treated as an unsecured debt. There is no limit placed on the amount of unsecured debt that you can get rid of with Chapter 7 bankruptcy. Chapter 7 bankruptcy typically takes three to six months to complete.
An Ogden bankruptcy lawyer may recommend that you file for Chapter 13 bankruptcy if you do not qualify for Chapter 7 bankruptcy. This is often referred to as a wage earner’s plan. You will make payments on your debt until it is gone. You will be able to get rid of your debt within three to five years.
Keep in mind that there is a limit placed on the amount of debt that you can have if you want to file for chapter 13 bankruptcy. That is why you may not be able to get rid of all of your medical debt.
A bankruptcy attorney Ogden will tell you if bankruptcy is your best option. You may have other options for getting rid of your debt. If bankruptcy is indeed the best option, then they can assist you with the process.
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