Oklahoma Bankruptcy HelpAbout Oklahoma Medical Bankruptcy
About Oklahoma Medical Bankruptcy
Healthcare costs keep rising, sometimes leading otherwise solvent people to declare an Oklahoma medical bankruptcy.
Even people with health insurance end up with huge healthcare bills. It is a problem without a clear solution at present.
In the meantime, medical bills often drive people into poverty and medical bankruptcy in Tulsa.
While data varies, a 2015 Kaiser Family Foundation study found that that medical bills pushed 1 million adults to declare bankruptcy. And 26 percent of Americans age 18-64 — even if they did not file for bankruptcy relief — struggled to pay their medical bills.
Medical Bankruptcy
The good news is that medical bills are dischargeable both under Chapter 7 and Chapter 13 for individual filers. Whether you file under Chapters 7 or 13, you must disclose all of your debts — including all medical debt.
Medical debt is categorized as unsecured debt in a bankruptcy. In other words, it is somewhat like credit card debt in the eyes of the court. It is debt that was not incurred to buy a home or car, which is considered secured (by property) debt.
If you file for relief under Chapter 7, the court will determine whether you have any assets that may be sold and distributed among your creditors before discharging all of your debts.
In many cases, there are no assets to be distributed. Most cases involve high medical bills and a debtor who has had a difficult time working because of his or her medical condition.
If you file for Chapter 13 relief, the bankruptcy trustee will put together a debt repayment plan after reviewing a debtor’s financial documents. The plan will be in effect for three to five years. Whatever debt is left after the payment plan is completed will be discharged.
In both Chapter 7 and 13 bankruptcies, it is possible to reaffirm some debt; for example, in order to keep the family home. Reaffirmation is best reserved for loans secured by collateral such as a house or an automobile.
Medical bills can ruin your health and well-being. If you feel as though you are drowning in medical debt, seek assistance. A qualified Tulsa bankruptcy attorney can provide the help you need.
Free Bankruptcy Planning: Tulsa Bankruptcy Lawyer
If you’re ready to file for relief from your debts, contact a Tulsa bankruptcy attorney at the Freedom Financial Bankruptcy Lawyers of Tulsa as soon as possible. We will work with you every step of the way.
To receive your free initial bankruptcy analysis, call 918-786-9600 today.
Tags: medical bankruptcy in Oklahoma, medical debt in bankruptcy, Tulsa Oklahoma bankruptcy lawyers
