Articles Tagged with chapter 7

Emergency Room SignFar too many Americans find themselves in a financial crisis because of soaring medical costs. All it takes is one trip to the emergency room or a bad diagnosis for things to spiral out of control. But there are options. Will your medical debt be eliminated if you declare bankruptcy? Learn more about filing bankruptcy and what it means when it comes to medical debt.

Is Declaring Bankruptcy to Discharge Medical Debt an Option?

Sadly, nearly 1.7 million American households have experienced bankruptcy due to mounting medical expenses. This type of debt creates major stress and has become a fairly common reason to declare bankruptcy.

one woman whispering a shocking secret to anotherMany people are concerned with the negative stigma that surrounds bankruptcy. They want to know who will find out if they decide to file. While a bankruptcy is publicly recorded, typically only creditors or bankruptcy attorneys will actually view this information. You probably shouldn’t worry too much about your friends, neighbors, or others in your social circles finding out.

What’s Included in My Bankruptcy Record?

The information on file will include copies of any documents related to the filing. Values of assets, creditors’ claims and information on any funds exchanged in the process will be listed. It will also include notes about meetings and phone calls.