Nashville and Middle Tennessee Medical Debt Attorney
Credit card debts and debts from medical bills are some of the biggest reasons why people consider filing for bankruptcy. At the law firm of David F. Cannon, we find that people often incur serious credit card debt due to a family emergency, divorce or health problems. In fact, according to a study published in the August 2007 American Journal of Medicine, more than 60 percent of bankruptcies are related to the inability to pay medical bills. Even if you have health insurance, if you or a family member has a major illness or injury, the gaps in your insurance coverage can bring on extremely high costs.
Credit card debts and medical bills can make it impossible for you to get back on your feet financially. In these times, you need to look at the full range of options. Millions of Americans have found bankruptcy to be a way to break out of major debt problems.
What Happens to Credit Card Debts and Medical Bills in Bankruptcy?
Medical bills and credit card debts are unsecured debts. This means the debts are not secured by collateral. As a result, these debts are usually discharged in bankruptcy. There are exceptions. Cash withdrawals or purchases from a credit card close to filing a bankruptcy petition may not be discharged. In a Chapter 7 bankruptcy, most unsecured debt would be wiped clean, and you would no longer be required to pay these debts. In a Chapter 13 bankruptcy, you would repay some part of these debts over as many as five, or as few as three years. Once you complete your payment plan, any remaining unpaid balance would be discharged.
In order to decide what type of bankruptcy is best for you, or if alternatives to bankruptcy may better suit your needs, our lawyers will get to know more about your finances and your assets. There are advantages and disadvantages to each type of bankruptcy, and our law firm will give you the information you need to make a decision that is right for you.
Contact the Nashville Credit Card Debt Bankruptcy Attorneys of David F. Cannon
To schedule a confidential appointment with our law firm, please call 615-800-3725, toll free at 877-696-8680, or e-mail our law firm today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
