How Do I Discharge Medical Debt in Florida?
Did you know that most people who file for bankruptcy in the state of Florida do so because of medical debt? Although medical debt is a leading cause of bankruptcy, it is not considered secured debt, which means it can be discharged as part of a Chapter 13 bankruptcy repayment plan. In this blog, we explain how bankruptcy can be used to discharge your medical debt.
How Much Medical Debt Can I Discharge?
The amount of medical debt that can be discharged as part of your bankruptcy repayment plan will depend on how much secured debt you need to repay and how much disposable income you have. After you fulfill your payments, your remaining unsecured debts will be fully discharged, which includes your medical debt.
Before you choose to file for Chapter 13 bankruptcy, consider the following things:
- Chapter 13 repayment plans have a strict timeline.
- The repayment period can last from three to five years, depending on the details of your case.
- During the repayment period, all of your payments have to be made on time, otherwise the bankruptcy will be void and your medical debt will not be discharged.
The Chapter 13 repayment plans can be difficult to follow for some people with serious medical issues. This is usually because of new medical debt associated with their condition that is not covered in the Chapter 13 repayment plan. If they are unable to keep up with their repayment plan, they will lose the debt protections provided under bankruptcy.
It is important to note that if you miss payments and your debts are no longer eligible to be discharged, you will be liable for all of your remaining debt.
St. Augustine Bankruptcy Attorneys
Are you struggling to pay off your medical debts? If so, our team of attorneys are here to guide you through the bankruptcy process to help you discharge your debt and get peace of mind. We can review the details of your case and help you find a solution to your problem. We have the skills and resources that you need to obtain a positive case result.
Call 904-471-3434 to schedule your free consultation with a St. Augustine bankruptcy attorney today.