Eliminate Your Credit Card And Medical Debt Using Chapter 7 Bankruptcy
Some clients inquire about filing a “medical bankruptcy.” Others need convincing that they can actually walk away from large credit card balances. Our bankruptcy lawyers can give you the facts and answers for your specific situation.
Mahaffey & Associates, has helped hundreds of clients in northwest Ohio discharge overwhelming debts and start fresh. Whatever led to your debt problems, filing for bankruptcy can likely wipe the slate clean and stop creditor actions.
Bankruptcy For Medical Bills
Hospitalization, surgery and ongoing medical care can add up to tens of thousands of dollars. When these expenses are not covered or not fully covered by insurance, families quickly become swamped with debt. Chapter 7 bankruptcy can eliminate unsecured debts, including hospital bills, doctor bills and related medical expenses. Once you file for bankruptcy protection, those health care providers cannot pursue collection, repossession, garnishment or foreclosure actions. There is no special filing for medical debt – bankruptcy is bankruptcy.
Bankruptcy For Credit Card Debts
Perhaps you relied on credit cards to make ends meet after a job loss. Perhaps the balances and interest steadily grew over several years to the point that you can barely make the minimum payment.
Bankruptcy can eliminate nearly any amount of credit card and charge card balances. The exception is big purchases or cash advances prior to filing – running up the charges could disqualify your Chapter 7 petition or force you to delay your filing.
What Will Happen To Your Credit Score When You File?
Many people are hesitant to file for Chapter 7 due to fears that their credit score will be ruined and that they’ll never be able to borrow money again. It’s important to separate facts from exaggeration so that you can make an informed decision.
It’s true that bankruptcy will cause a significant drop in your credit score. It’s also true that the bankruptcy will stay on your credit report for up to 10 years. However, most people with serious debt issues already have a low credit score, and seeking bankruptcy can actually break the cycle of missed payments and other “dings” to your record. And while the bankruptcy will be on your credit report for 10 years, you can begin rebuilding your credit almost immediately. Your access to lines of credit may be limited at first, but by demonstrating responsible habits, lenders may soon start to view you as credit-worthy.
Find Out What Debts Are Dischargeable
Our firm has been helping clients find debt relief since 2002. Our experienced attorneys can determine which of your debts are eligible for Chapter 7 relief – not only credit card and medical debts but perhaps certain bills, taxes and judgments as well.
Call Mahaffey & Associates, today at 419-741-0111 or contact us online. Our Toledo credit card debt attorneys offer a free initial phone consultation, and we can meet clients at our office in Sylvania, including evenings and weekends by appointment.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.