Many people need medical attention but don't have the funds to pay for it. As a result it's not terribly surprising that medical bankruptcy comes up as a possible solution.
Here are some FAQ to help people understand the confusing process of medical bankruptcy--and whether it can help you with your financial situation.
Medical Bankruptcy FAQ No1: Do I Need It?
This is a personal decision. But if you feel like your life is being engulfed by medical bills--and don't see any way of you coming up with money to pay it off in the future--then medical bankruptcy can be a quick, if complicated, way to deal with this situation.
What you absolutely don't want to do is to ignore the issue. Debt problems like this don't just go away, so be sure to face up to them squarely.
Tip: Not sure? Talk to folks who've been through it to get a full idea of the pros and cons of what it's like to go through medical bankruptcy.
Medical Bankruptcy FAQ No2: Bankruptcy or Debt Settlement?
Despite its effectiveness medical bankruptcy has a significant effect on your credit, and can make it very difficult to do things like buy houses or cars.
This is why medical debt settlement can be more beneficial than the filing of medical bankruptcy. Medical debt settlement can eliminate up to 60% of unsecured medical debts. However, this is only possible with the help of a debt settlement company.
When choosing a medical debt settlement company, it is essential the company is legitimate. Otherwise, you may find that you lose more than you are set to gain.
Tip: Contact the provider who you owe money to to see if you can set up a liberal payment plan.
Medical Bankruptcy FAQ No3: Do I Need a Lawyer?
Well the long answer would be...YES! Medical bankruptcy can have a huge impact on your financial well-being and you need a professional to walk you through it.
That being said, be sure to find an attorney who specializes in medical bankruptcy. (This is no credit card bankruptcy.)
Tip: Ask for references to be sure the lawyer can handle this complicated form of bankruptcy.