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File for bankruptcy to prevent medical debt from keeping you down

There are few things you can count on this world, but one thing we all know will happen is that at some point in our life, we will make a mistake. Sometimes, a relationship falls apart because of something we said or did; maybe you choose to go to one event over another, and it turns out to be a poor choice. Inevitably, though, we will make mistakes -- some more serious than others. It is what we do after these mistakes are made that matters most.

A common mistake made by many people is with their finances. They either don't budget for their expenses or fail to stay on that budget. Either scenario can arise for a number of reasons -- and one is an unexpected expense, such as medical bills. Medical debt can pile up quickly, and it can leave New Hampshire residents hopeless. They may think there is no way out of the massive debt they have unfortunately acquired.

So how do you fix the situation? Here are a few steps to help out:

  • First and foremost, deal with the situation appropriately. While it is tempting to bury your head in the sand and avoid dealing with medical bills, you should confront the situation. Call the collection agency or talk with the medical institution in question to establish how the debt will be repaid. You could also discuss things with an advisor to get organized.
  • Your discussions can verify the debt, which may have been erroneously applied to you. If that's the case, an experienced attorney could help you fight the illegitimate debt.
  • Ultimately, a bankruptcy filing is often the best choice for an in-debt individual. A Chapter 7 bankruptcy filing could lead to your medical debt being discharged; at least partially, if not completely.

Source: Los Angeles Times, "How to stop medical bills from going to a collection agency," Lisa Zamosky, July 5, 2013

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