3 Facts You Need to Know When Filing for Medical Bankruptcy
If you’re feeling suffocated with all your unpaid bills, know that you’re not alone. In fact, several people have outstanding medical expenses, which hugely contribute to personal bankruptcies filed over the past few years. Although hiring a medical bankruptcy lawyer can help you with the process, you still have to know many things before filing for it.
Barski Law Firm PLC and other experts list a few things you might want to consider to help set up your expectations about the entire process:
1. Know your bankruptcy options
Determine your choice of action before filing a case. That’s why it’s necessary to understand the best bankruptcy option for your needs. The basic type of bankruptcy you may file is Chapter 7 and Chapter 13. There are other types you may choose from, such as Chapter 11 and Chapter 12. Assess your situation first and see which one would suit your current financial situation.
2. Bankruptcy will have an effect on your credit score
One of the major deterrents most people are cautious about when filing for bankruptcy is its effect on their credit history. Once a person files for bankruptcy, then it’ll stay as a negative mark for up to a decade. You’ll also be required to declare your bankruptcy filing on medical forms and even your future employers.
3. Filing of paperwork is available in the public records
It’s also important to note that bankruptcy filings are public, which means that anyone can look up your financial information even without permission. To make it more precise, you’ll lose a few of your privacy and financial control during the entire process.
These are just a few of the things that you might want to consider when filing for medical bankruptcy. Don’t hesitate to ask your lawyer if you have questions or clarifications about the process. Remember that it’s much better to be open to your lawyer about your financial situation so they can provide you with options on how to help with the filing.