Medical Bankruptcy - If you’ve found yourself overburdened with hospital and medical bills, you may be wondering if you should file for a medical bankruptcy. The term "medical bankruptcy" is not an actual legal term, as you won’t find it in any of the bankruptcy laws; however bankruptcy cases based on medical hardships are usually handled much differently then other bankruptcy cases.
In Chapter 7 medical bankruptcy cases most payment plans are much more lenient then in other cases. By showing that you are unable to pay your debtors, due to medical emergency or hardships, you may find that your actual payments (under a chapter 13 bankruptcy) are up to 50% lower then a similar bankruptcy case. This is due to the hardship nature of a medical bankruptcy. Basically if you are unable to pay your medical bills, as well as your rent and monthly grocery expenses, you will more then likely qualify for medical bankruptcy and the terms of your bankruptcy will be much more lenient.
If you do decide to file for a medical bankruptcy, you will more then likely want to file a Chapter 13 bankruptcy. Chapter 13 bankruptcy allows you to set up a payment plan to pay out of your current earnings, rather then having property seized (as in a chapter 7 bankruptcy filing). When filing a medical bankruptcy, you will find that the payment plan is much more lenient in Chapter 13 then if you are filing simply because of bad finance handling. Again, this is because a medical bankruptcy case is considered a "hardship case".
Your creditors are also more lenient in a medical bankruptcy case, over a normal one and will often even work with you to help you to get rid of your debt, rather then having to go through with a bankruptcy. So, before you actually do file for a medical bankruptcy it might not be a bad idea to get with your debtors and creditors and tell them you are planning on filing medical bankruptcy. You debtors will probably rather try to work out something between yourself and them, rather then having to deal with the courts and will often help you by setting up a more lenient payment plan.
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