A major medical procedure put you into the hospital for quite some time, then you had to handle followup procedures on your quest to become whole again. Even though you have health insurance, you’re still out of pocket for a lot of the bills, and they are getting very high. You don’t have the negotiating power to reduce the bill that the insurance company has, and none of the medical providers are working with you. There is no way you have the ability to pay off the debt within a reasonable amount of time. Nor do you want to take the risk that you fall behind and get sent to collections, which ruins your credit. It’s time to talk to a Bankruptcy Attorney Granite City IL about your options.
In the event that you don’t feel that bankruptcy is right for you, a Bankruptcy Attorney Granite City IL can find alternatives to repay your debt. A lawyer is trained in the art of negotiation and not taking no for an answer. He works on your behalf to find you the best possible reduction in what you owe to all of the medical personnel and facilities involved. You don’t want to walk out on your debt, but you don’t necessarily have the ability to pay it all off as it currently stands. The lawyer puts his efforts to getting the bills reduced to an amount that you can easily handle.
The other option is to file for bankruptcy to eliminate everything that is owed at once. This step is best made when you feel that you have no other alternative, and taking the route of negotiations isn’t going to work. Bankruptcy is a final solution of sorts as it wipes out your medical bills to one degree or another. Chapter 7 closes the books on your debt in about four months, and Chapter 13 has you repay what you owe over 36 to 60 months. Which chapter of bankruptcy you enter depends on your income to debt ratio.
Before making a decision, talk to a lawyer first to investigate which option makes the most sense for your personal situation.