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Question By
jrsndz

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i'm in debt with many hospital bills, i was informed to file for bankruptcy, how will it affect me

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Bankruptcy are meant to give people a reprieve from their financial burdens, its not meant to give consumers a quick way to fix their credit.

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Like Random said, consulting with an BK professionals. There are many consumer advocates out there would offer free consulting services to help you with BK.

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Talk to a lawyer.

Sometimes it is necessary to declare bankruptcy - I had to do it in 2010 for the exact same reason. Consider that it's better to do a Chapter 13 bankruptcy and suffer a little for 5-7 years, than to spend the next 20 years paying off, say, $75k to 100k+ in hospital debts.
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Talk to a lawyer; most of them do free initial consultations, and if you let them know how much you owe versus how much you have (and make), they can guide you to the right solution (or at least give you enough information to make an informed decision.)

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Have you read the articles on this site? Bankruptcy-hurts your credit for ten years (Chapter 7) or 7 years (Chapter 13).

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Reply by
Random789644

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Sometimes it is necessary to declare it; $100k in hospital bills would easily take as long as a small mortgage to pay down. Better that he talk to a lawyer, depending on the size of the bills and his ability to pay them.

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