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Chapter 7 and Chapter 13 bankruptcy can address medical debt

Families can find themselves in quite a bit of medical debt due to the misfortune of an illness or injury. However, there is a way to deal with this type of debt by either having the debt discharged or paying back the debt in a reasonable way.

Medical debt is actually one of the more common reasons to file for bankruptcy. Oftentimes, an injury or illness can come on quickly and people end up racking up heaps of medical debt in the blink of an eye. Since medical debt is usually classified as personal debt, Chapter 7 or Chapter 13 bankruptcy may be options in which a person or family could get a handle on their medical debt. What option is best for you depends on your unique situation.

There are pros and cons associated with each Chapter 7 and Chapter 13 bankruptcy case. Naturally, it will require some sacrifice on behalf of the debtor. Depending what a person wants to achieve, and what they can part with, one option may be preferable over the other. Our readers will want to dig into their personal financial situations to determine how the medical debt has affected your finances and what assets could potentially be allocated to relieve that debt.

Assets do not always have to be allocated to existing debt. One could consolidate the debt and pay it back over a schedule of debt repayment, like under Chapter 13. Or, if a person isn't interested in paying back all of the debt, Chapter 7 may be a better way to go. Medical debt is more common than one would think. A person has to get out from under their debt and go on living their life.

Source:, "Bankruptcy: An Overview," Accessed July 3, 2017

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