When Can You File for Medical Bankruptcy in Pennsylvania?

When assessing medical debt, debtors in Pennsylvania may be unsure what to do. To get relief from your financial difficulties, consider filing for bankruptcy to address your medical debt in Pennsylvania.

You can file for bankruptcy to address medical debt in Pennsylvania when you feel it’s the right decision for yourself and your family. Filing for bankruptcy can help debtors facing various financial challenges, including those with significant debt or low incomes. Depending on your needs, filing for Chapter 7 or Chapter 13 bankruptcy may be best to eliminate medical debt in Pennsylvania. If you are struggling and need immediate relief from an automatic stay, call our attorneys to file for bankruptcy and address your medical debt right away.

We are dedicated to helping debtors in Pennsylvania regain their financial stability and eliminate medical debt by filing for bankruptcy. For a free case evaluation with the Pennsylvania bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (215) 701-6519.

When Can You File for Medical Bankruptcy to Eliminate Debt in Pennsylvania?

When people hear the word bankruptcy, they may not think it could ever apply to them. In reality, bankruptcy can be a useful tool to address various stressful financial situations due to medical debt. If you are currently struggling with medical debt and are unsure what to do, speak with our Pennsylvania bankruptcy lawyers to learn if you can file for bankruptcy.

Your Debt is Too High

You can most likely file for bankruptcy in Pennsylvania if your medical debt is simply too high. After an accident or an unexpected medical diagnosis, you might need expensive medical treatment that disrupts your finances. Climbing out of that hole can feel impossible when considering all your other expenses, even if you have a steady income. If your medical debt just feels too high, you can eliminate it by filing for bankruptcy in Pennsylvania.

Your Income is Too Low

Sometimes, debtors think their medical debt is surmountable if only their income increased. Unfortunately, try as you might, you may be unable to raise your income quickly enough to tackle your medical debt. In that circumstance, filing for bankruptcy can help eliminate certain financial stressors so that you can become debt-free.

Your Finances Are Unorganized

For some people, financial disorganization might result in medical bills being pushed to the side for too long. If this leads to overwhelming medical debt, consider filing for bankruptcy. Remember, bankruptcy is a tool used by many to alleviate financial difficulties. Filing for bankruptcy to address medical debt can help you reorganize your finances so that you embark on the path to financial stability in Pennsylvania.

Which Type of Bankruptcy is Best for Eliminating Medical Debt in Pennsylvania?

When seeking to eliminate medical debt via bankruptcy, there is a big decision you have to make: which type of bankruptcy will you file for? Our Philadelphia bankruptcy lawyers can help you make the right choice so that you can target your medical debt and erase it.

Chapter 7

Chapter 7 bankruptcy, or liquidation bankruptcy, works by liquidating certain assets to pay off medical creditors. For example, your home or your vehicle may be liquidated so that you have sufficient funds to pay medical debts.

Not everyone qualifies for Chapter 7 bankruptcy, so contact our Bucks County bankruptcy lawyers to learn if you do. Eligibility for Chapter 7 bankruptcy is based on a debtor’s income. Basically, if you do not earn enough to pay off your medical debt through a repayment plan, you can opt to liquidate certain assets to eliminate medical debt in Pennsylvania. When you file for Chapter 7 bankruptcy, you can address your medical debt in its entirety within a matter of months.

Chapter 13

Depending on your situation, filing for Chapter 13 bankruptcy may be preferable. When you file, our attorneys will devise a repayment plan based on your income and other expenses. Depending on the size of medical debt you currently have, a repayment plan might take several years to complete in Pennsylvania.

With Chapter 13 bankruptcy, debtors don’t have to worry about liquidating their assets, which makes it appealing, especially to those with families that depend on them and their assets. Generally, you can exit Chapter 13 bankruptcy debt-free within several years or as long as your repayment plan takes to complete. Eligibility for Chapter 13 bankruptcy in Pennsylvania is based on income, so you have to earn a sufficient amount to meet your scheduled payments.

When Should I Ask a Pennsylvania Attorney About Filing for Medical Bankruptcy?

You should call our attorneys if you are struggling with medical debt in Pennsylvania. Our lawyers can thoroughly explain what filing for bankruptcy might entail so that you feel prepared and confident when regaining your financial stability.

When considering filing for bankruptcy in Pennsylvania, debtors might feel discouraged. That doesn’t need to be the case, however. Our lawyers can explain the benefits of filing for bankruptcy and how doing so can eliminate your medical debt. If you are unsure about your next steps regarding medical debt, contact our attorneys for a consultation.

An automatic stay is one of the initial perks of filing for bankruptcy to address medical debt in Pennsylvania. An automatic stay will go into effect as soon as you file, preventing medical creditors from harassing you to meet payments. If you need immediate relief, call our attorneys and learn more about filing for bankruptcy in Pennsylvania. Doing so will allow you the time to take a deep breath, reorganize your finances, and move forward with a plan to address medical debt.

Call Our Pennsylvania Lawyers About Your Medical Debt Today

If you need to eliminate medical debt via bankruptcy, our attorneys can help. For a free case evaluation with the Bethlehem bankruptcy lawyers at Young, Marr, Mallis & Associates, call today at (215) 701-6519.