Today a friend of mine asked me about whether you can file bankruptcy on medical bills. Yes, you can but Chapter 7 bankruptcy only makes sense if your assets do not exceed the amount of the medial bills. Often times, if your assets exceed or are close in number to your medical bills, ba baby boomers do not want to risk their retirement to pay their medical bills. In contrasts, Chapter 13 is a way to repaying your debt over time. In this situation, a person re-pays a portion of their debt. I am all for people re-paying their debts, but obviously, when a repayment of your debt concerns your financial future, most people will think long and hard about this. In many cases, repaying a portion or percentage of the medical bills is the best solution. The key point of this blog is the importance of pre-planning an advanced planned asset protection plan before any lawsuits are thought of. Asset protection is vital because it protects your hard earned assets.
Sean Robertson is an asset protection attorney in downtown Chicago, which concentrates in distressed planning, judgment planning, and bankruptcy counseling. Sean Robertson may be reached at (312)-854-7102 and our website is www.RobertsonLawGroup.com.
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