Can you file bankruptcy on medical bills?
I live in the state of Missouri and I have a large debt wrapped up in medical bills. ( a lil over 10,000) I have asked around but always get different answers. Can I file bankruptcy on my medical bills?
Posted February 11th, 2010 in Bankruptcy Q And A. Tagged: bankruptcy, medical bills, state of missouri.
Medical bills will generally be included in bankruptcy filing, but whether or not they get wiped out or put on a long payment plan depends on your ability to repay them and the type of bankruptcy that you file.
One thing to consider, though, is that bankruptcy will ruin your credit for a long time, and in the big scheme of things, $10,000 is not a huge debt. You may want to see if you can do something with a payment plan on your own to pay this down and not ruin your credit. Even if you only managed $200 a month (or $50 a week) you could get this paid down in five years. Most people if they try really hard can find a way to reduce their other expenses or increase their income by $200 a month. I bet you, or someone you know, has paid off a car loan with a $10,000 balance in four or five years. Isn’t your health worth the same as a car note?
February 11th, 2010 at 2:43 amyes – because it goes on your credit & filing bank-ruptcy will just start you over -
February 11th, 2010 at 2:43 amyes, just about any money you owe except student loans are eligible if you truly can’t pay, but if you file for bankruptcy be aware that any of your credit cards you currently have right now have a high risk of being canceled even if you don’t owe anything on them
February 11th, 2010 at 2:43 amYes you can, but $10,000 is NOT worth claiming bankruptcy over. First off, in order to be legally insolvent, your debts you are claiming relief from, must be MORE than your income. Second, the absolute minimum that should be claimed for bankruptcy is $25,000. Anything less than that is really NOT worth ruining the next decade of your life over. Third, some state have a minimum age to file bankruptcy. 25 is the most common age limit.
February 11th, 2010 at 2:43 am