Comments on: Should I pay off my medical debt or file bankruptcy?

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By: Benzo

Benzo — Sun, 27 Dec 2009 13:15:09 +0000

Obviously don’t file for bankruptcy. Negotiate to pay it off. It’s not as bad as you think even though it’s in collections. Just explain that it’s a medical bill to future creditors and they’re not as critical vs. a credit card debt. Medical bill is not as bad because it’s an emergency vs. credit card debt means you’re irresponsible. It will be a long time before you recover from bankruptcy.

By: Ervin

Ervin — Fri, 25 Dec 2009 23:58:16 +0000

Bankruptcy may be the immediate solution but that can prove unsafe in the long run. As bankruptcy stays on your credit report for 10 years so till then after that you would face difficulty in getting loan, purchasing or leasing anything as your credit score gets down due to filed for bankruptcy results in a 160-220 point deduction on their credit score and if a delinquent account is added to the individuals credit file, 70-120 points are subtracted. So after bankruptcy you have to build your credit from start.

Thus paying off debts would not be an immediate solution but it will be beneficial in long rung. If you are not able to manage your debts on your own there is the bills consolidation program provided by debt consolidation company in which all your bills are consolidated into one and you have to pay only one payment each monthly to the consolidation company which they in turn distribute among your creditors.

Here is the source of a debt consolidation company named for you reference who provide bill consolidation plan

By: blogger

blogger — Tue, 22 Dec 2009 18:14:21 +0000

first you should try debt settlement which will lower your debt in some cases up to 70% check out these site they will give you a free analysis on your debt.

By: Janice S

Janice S — Mon, 21 Dec 2009 05:13:23 +0000

Don’t file for bankruptcy as the destruction to your credit causes more stress in the end. Remember, the hospital or doctor you owe money too doesn’t want you to file for bankruptcy because then they get nothing so make sure you use all your resources first before doing. I almost did file for bankruptcy but decided to try all options before giving in. I used medicaldebthelp.com. I used their free services to get started and what they did was reduce my debt by 40% (did not damage my credit) and got me on a payment plan and even fended off the collection agencies. I know how you feel. I was stressed like that too. They have a lot of good articles and advice for negotiating but their free consultation was great. They can also help with the credit cards too. I called around for a while as well to different companies and I found they were the best in dealing with medical debt. They have great links to, to medicaid and children’s free state health insurance links too. To make a long story short, my husband had mounting credit card debt and medical debt from Lyme Disease and other complications from it that led us to unmanageable debt. Give them a shot as you have nothing to lose. I am sure though there are other companies out there you can use but I had a good experience with them.

By: ace j

ace j — Sat, 19 Dec 2009 00:18:11 +0000

With bankruptcy you may still have to pay of outstanding debt once you meet income thresholds.

If you are wanting to take out a loan in the future then forget bankruptcy.

It’s a massive decision and not one to be entered into lightly.

Here is some information on bankruptcy:

Good Luck

By: larechiga26

larechiga26 — Thu, 17 Dec 2009 20:34:37 +0000

Your friend is a noble person you should be very grateful. I would l call The Suze Orman Show for advice.

By: Miccabe

Miccabe — Thu, 17 Dec 2009 09:30:25 +0000

If you can negotiate and pay it off, obviously that is better for you in the long run. Bankruptcy will effect your ability to obtain credit in the future. Do you plan to buy a house, a car, etc.?

Bankruptcy
Bankruptcies: Advantages, Disadvantages and Different Types
by InvestorGuide Staff

Bankruptcy is a proceeding in a federal court in which an insolvent debtor’s assets are liquidated and the debtor is relieved of further liability. This basically means that a person (or a corporation) was so far in debt that they felt a fresh start was their only option. More than a million Americans filed for bankruptcy last year, and the number continues to rise

There are three types of bankruptcies:

* “Chapter 7″ – All assets are liquidated, except those that are exempt in your state (possibly a home, car, clothing, household appliances, life insurance, pension, and work-related tools). This property is sold by a court-appointed official or given to creditors.
* “Chapter 11″ – Intended largely for businesses. Designed to allow a business to continue operating while repaying creditors through a court-approved plan.
* “Chapter 13″ – If you have unsecured debts of less than $269,250 and secured debts of less than $871,551, you may be entitled to this type of bankruptcy protection, which allows you to keep certain property while you pay off your debts under the supervision of a court-appointed trustee.

All three types of bankruptcy may get rid of unsecured debts (those where creditors have no rights to specific property) and stop foreclosures, repossessions, garnishment of wages, utility service cancellations and activities of debt collectors against you. Chapter 7 and 13 bankruptcies provide exemptions that allow you to keep certain assets, though those exemption amounts vary greatly from state to state.

On the downside, it’s not a “get out of debt free” card. Here are some of the disadvantages of declaring bankruptcy:

* You need to file the claim and pay a fee. You may also need to pay a bankruptcy lawyer, and it can be difficult to find a good one, since some try to maximize their profits by handling cases as quickly as possible instead of giving your bankruptcy the attention it deserves.
* Some debts cannot be eliminated by declaring bankruptcy, including taxes, student loans, alimony, child support, debts that resulted from fraud or willful injury and some property settlements, fines and penalties.
* Your bankruptcy will remain on your record for up to ten years. This may make it difficult or impossible to obtain a credit card or a loan.