Because of today’s high cost of medical care and treatment, medical debt is the leading cause of bankruptcy in the United States. Almost one-third of all bankruptcies filed are because of some kind of medical bill. Even thosewho have health insurance end up burdened with debts that they don’t have the ability to pay. If you are in the Riverside area, have massive medical debt and have worries about being able to pay it back, you should speak with the attorneys of SM Law Group to help you decide what your next steps should be.
Why SM Law Group
At Sm Law Group we provide cost-effective, expert and personalized strategies for debt relief. We focus on providing effective bankruptcy relief for medical debt in Riverside and other areas of California.
Medical bills may be easy to have dismissed through medical debt. Unlike other forms of debt creditors may be less likely to accuse one of fraud or of indulging in high-end goods. In addition to, bankruptcy judges and trustees understand that medical debt is usually beyond the control of the debtors, and may be a little more lenient and understanding of the need to file for bankruptcy protection.
In filing for Chapter 7 bankruptcy, your debts can possibly be squared away completely.
In the event that you’re not eligible for Chapter 7, you can most likely file for Chapter13, which allows you to make monthly payments for three to five years to pay off as much of the debt back as you can reasonably afford. At the end of that time period, all of your remaining debt will be settled. Many of those that file Chapter 13 end up paying only pennies on the dollar.
Medical Debt Myths
Just like Santa Clause and the Easter bunny (sorry kids), there is no such thing as a “medical bankruptcy.” For manypeople, there is only Chapter 7 and Chapter 13. If any companytells you that they want to sign you up for “medical bankruptcy” program, you should definitely go another way.
In the event that you or someone you know is in need of settling medical debts, contact the attorneys of SM Law Group today for a free consultation and learn about our customized payment plans.