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What is medical bankruptcy? Good news: under chapter 7 bankruptcy in Wisconsin, medical debt can be completely cleared. Here's what you can expect. Non-Bankruptcy Options for Medical Debt If you have good credit, you might be able to resolve your large medical bill by taking advantage of one of these options.
Negotiate a Settlement With the Medical Provider To start, make sure you've resolved all insurance payment issues. Ask About Assistance Programs Most hospitals have assistance programs that, if you qualify, will give you free or reduced hospital care, depending on your level of income. Medical Debt in Bankruptcy If you can't settle the debt and it looks as if the creditor may pursue you for payment, then your good credit is going to take a hit anyway because a collection action will show up on your credit report.
Chapter 7 and Medical Debt If you don't earn much money and have assets with little or no equity, then a Chapter 7 bankruptcy might be a good choice for you.
Chapter 13 and Medical Debt If you don't qualify for Chapter 7 bankruptcy, or you own assets that you might lose in a Chapter 7 bankruptcy, you can file for Chapter 13 bankruptcy. Talk to a Bankruptcy Lawyer Need professional help? Start here. Practice Area Please select Zip Code.
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The last priority for a trustee in a Chapter 7 or Chapter 13 bankruptcy is unsecured debts, like medical debts or credit card debts. However, medical debt is usually a non-priority unsecured debt, which means it is last in line for repayment and often will not be repaid at all.
If you have substantial medical debt and pass the means test , your best option may be to file Chapter 7 bankruptcy. In a Chapter 7 bankruptcy, the trustee is tasked with getting creditors repaid to the extent possible by liquidating all nonexempt assets and distributing the funds in order of priority. In most Chapter 7 bankruptcies, however, there are insufficient assets for purposes of repaying all creditors.
This means that medical creditors, as non-priority unsecured creditors, will not get repaid in full, or at all. There is no cap to how much medical debt you are permitted to discharge through Chapter 7. For people with substantial assets who pass the means test, Chapter 7 may not be the best option when trying to wipe out significant medical debt. For those debtors, assuming they are employed, Chapter 13 may be a better choice.
Under Chapter 13, you will need to attend credit counseling and devise a debt repayment plan to pay off debts over a year period. The plan must address all secured debts and some of the unsecured debts.
This means that some medical creditors may get repaid, depending on your income and how many secured debts you have. Last reviewed October Bankruptcy Contents. Automatic Stays in Bankruptcy. Repeat Bankruptcy Filings. You will need to disclose all of your debts, income and property so that the court can determine what the outcome and next steps will be.
Bankruptcy is complicated, so it helps to learn about the bankruptcy process before you start. There are two main types of personal bankruptcy: Chapter 7 and Chapter Both address the underlying problem of excess debt, but the two processes differ quite a bit.
Here is a quick rundown on each. Chapter 7 Bankruptcy and Medical Debt Chapter 7 bankruptcy is designed to help people who can't afford to repay their debts. The court will consider what you owe, your income and any assets that can be sold to help defray your debt. Chapter 7 discharges your medical debt in a matter of months, but it isn't an option for everyone.
A few specifics:. Chapter 13 bankruptcy focuses on making debt repayment more manageable. Additional details:. You may have alternatives to bankruptcy worth exploring as well. Before throwing in the towel on your medical debt, consider the following steps to reduce it or pay it off :. If you've considered all your options and bankruptcy still seems like the best remedy, getting help is a good idea.
Since bankruptcy proceedings often require you to meet with a court-approved credit counselor as part of the process, consider meeting with one pre-emptively to help you understand whether bankruptcy is necessary and to help you decide how to proceed.
When you're ready to move forward, a bankruptcy attorney can help you navigate your way through. Medical expenses can seriously set you back financially. When this happens, bankruptcy may be able to help you get back on the right path.
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