Oxnard & Ventura Bankruptcy Lawyers & Debt Relief Attorneys
Medical debt is one of the leading causes for personal bankruptcy. In fact, a recent study showed that they are responsible for 62% of all personal bankruptcies in the United States, a percentage that continues to increase. Even people with health insurance can find themselves overwhelmed by sudden and costly medical bills that make it impossible to pay other bills on time. You do not have to face these difficulties alone. At The Law Offices of Michael H. Raichelson, we find solutions for clients facing mounting debt through personal bankruptcy and other debt settlement strategies.
Medical Bills Can Often Be Discharged
Many people with significant medical debt do not carry much other debt. In that event, our California bankruptcy lawyers can help you plan a debt settlement that allows you to make payments on more favorable terms. Our attorneys have nearly 20 years of experience dealing with medical providers and have found many ways to successfully lessen the burden of debt. Many medical providers prefer to receive any sort of payment rather than nothing at all, and are willing to accommodate debtors who make a good faith effort to pay some amount. They may request a “write-down” on your medical bills, which allows you to make a single, lesser payment on your debt. We have also found that medical providers will often accept very small monthly payments towards an outstanding balance. As intimidating as mounting medical debt can seem, an experienced bankruptcy attorney can help you navigate the complex debt settlement strategies and laws so they can be used to your advantage.
Discharging Medical Bills through Personal Bankruptcy
The good news about medical bills is that they are considered unsecured debt for the purposes of personal bankruptcy. This means they can be eliminated or discharged under Chapter 7 or Chapter 13 bankruptcy. Medical debt is often caused by accidents, a lack of health insurance or other events beyond the debtor's control, so bankruptcy courts are more likely to be sympathetic towards the debtor. Our Ventura County bankruptcy attorney will work to make sure trustees and judges understand the difficulty of your situation and are willing to make arrangements that are amenable to your needs.
Chapter 7 bankruptcy, often known as “clean slate” or “liquidation” bankruptcy, would allow the debts to be completely discharged. If you do not qualify for Chapter 7 bankruptcy, a monthly payment plan can be developed under Chapter 13 bankruptcy. This allows for a payment plan lasting three-to-five years where the debtor pays only what he or she can afford and at the end of the payment plan, any remaining unsecured debt is completely discharged.
Ventura County Bankruptcy Lawyers Offering Relief from Mounting Medical Debt
Our attorneys understand that even the most careful financial planning can be undone by one serious accident or illness. The Law Offices of Michael H. Raichelson can help you develop a strategy to deal with unpaid medical bills and get the relief from debt and stress. Contact us today at 818-444-7770 for a free initial consultation.