The fact is that millions of individuals are facing health-related problems each year, so it should not come as a surprise that so many individuals are asking, “How do I manage my medical debt?” And, more crucially, how can I settle my medical debt without filing for bankruptcy?
This is a question that many people struggle with and one that they have no idea how to solve.
For starters, you shouldn’t have to file for bankruptcy. Secondly, the next step is to find a good debt settlement company to work with you and help you get out of this excessive debt once and for all. When you are in steep debt, you should be looking for ways to settle your medical debts so that you do not have to file for bankruptcy.
Avoid Bankruptcy at All Costs
Many people think that if they file for bankruptcy, then all their debt gets wiped out. That’s not true. You still have to pay, and how you’ll pay depends on what kind of bankruptcy you file: chapter 7, chapter 13, or chapter 11. It’s vital that you learn about each of these and what their stipulations are.
While some think bankruptcy an answer to their problems, it causes a lot more. A big drawback is that you don’t get to cherry-pick what debts get to be wiped out. The court decides that for you. It’s also incredibly invasive and to have the courts come in and examine every facet of you and your family’s life over months or even years.
When you’re burdened with relentless medical debt, things can feel pretty hopeless, and it’s understandable to look for the most obvious way out. But before you call a lawyer, consider doing everything in your power to avoid bankruptcy. It’s okay if you have to file for bankruptcy without a doubt, but keep it as a last resort. And keep in mind that you have options.
One of the things that you should think about before you decide how you want to settle your medical debts is that you should consider all of the options you have and then make a final decision. It’s nice to know, for instance, that deciding to settle your medical debts without filing for bankruptcy will leave your credit score substantially higher than it would be with bankruptcy. It would be best if you prepared that your creditors will not be willing to negotiate with you to lower your payments.
To settle your medical debt and help with your family finances in general, you need to hire a company that can help you with this process. There are many places online that you can look into, but be sure to find a business specializing in helping those who want to settle their medical bills and get out of debt. The more specialized the company is, the better, as they will handle things better for you and guide you through the whole process.
If you work with the right debt settlement company, you could end up lowering the amount of debt you owe dramatically. And you can pay off your debts sooner rather than later. By settling your debts with your credit card companies, you could potentially save tens of thousands of dollars on your credit card debt.
It’s also a quick and effective way to end those harassing phone calls at all hours of the day. Debt settlement will also allow you to get creditors and collectors to back off. If a settlement to pay off your medical bills all in one lump sum seems unlikely, do not forget to look at consolidation. This is a great way to lower the amount of debt you have now but in one monthly payment instead of several payments.
When you are trying to settle your medical debt with a company, make sure they offer a free evaluation of your circumstance and that they assure you they have your best interest in mind. They will know what type of debt relief you need, give you options and their opinion as to the best route, and will never make you feel pressured into a plan or strategy that you are not sure about.