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Can I Discharge My Medical Debt Through Bankruptcy?

Medical care is not cheap. For individuals without adequate health insurance, it can be quite expensive. This can be true even for individuals with seemingly sufficient health insurance coverage.

If you are saddled with a significant amount of medical bill debt, you might find yourself considering filing for bankruptcy. Unlike student debt, medical debt can be eliminated through bankruptcy. Like personal debt, medical debt is considered to be general unsecured debt, which means that it is not secured by collateral. It is considered to be nonpriority general unsecured debt, which means that it is not subject to special considerations that priority debts, like tax obligations and child support, are subject to.

Using Chapter 7 vs Chapter 13 Bankruptcy to Eliminate your Medical Debt


One local nonprofit is dedicated to paying off the student loans of combat veterans and easing the financial burden that these families face. Eli Williamson founded Leave No Veteran Behind because the average military veteran carries about $56,000 in student debt. Since 2009, this foundation has paid the outstanding student loan debt of 10 veterans.

The federal G.I. Bill does not pay for college loans incurred before enlistment, and federal repayment programs for veterans only repay certain types of student debt. In addition, according to the Defense Department, many lenders do not convey the reduced interest rates and other benefits available to G.I.s. Former Secretary of Defense Leon Panetta said that financial problems were the biggest threat to a person's security clearance.

Bankruptcy and Security Clearance


Once the leading consumer demographic, the Baby Boomer generation is now stepping aside as the Millennial generation slides into the number one position as the reigning U.S. consumer demographic.

According to NBC News, not since 1947 has the U.S. experienced such an expansive shift in demographic hierarchy. The Millennials, or those with an average age of 22 years, now represent a higher concentration than any other age group. Although Generation X may still have something to say about the advancement, statistically it is the Millennials who rank the strongest of existing generations.

One then may wonder what the future holds for the exiting Baby Boomer generation. For those born between 1946 to 1964, it is projected that the last members of this once influential generation will turn 65 by December 31, 2029. It is projected that at that time, 80 million will be eligible for Medicare and Social Security as they enter into retirement.


Are you currently experiencing the onset of extreme financial hardship and perhaps thinking of tipping your hand and cashing it in when it comes to your home mortgage? Perhaps you should think again. Saving your home may be worth the fight because in all reality, your mortgage lender actually does not want to repossess your home.

As defined by QFINANCE, a collaborative effort of over 300 of the world's leading financial professionals, repossession is simply the return of merchandise after a period of default of time payments. Statistically defined, one in every 1126 homes throughout the United States are currently under foreclosure status as of August 2014.

Although easily defined by the professionals, the definition surely becomes more involved as it pertains to your personal financial security and quality of life. Before placing a call to an experienced foreclosure attorney to discuss your options, take note of why the bank really does not want to enter into the foreclosure process. Quite simply, they are not in the real estate industry to produce profit from the short sale of your home. Perhaps better understanding of why your mortgage lender is not breaking down your door to repossess your home may provide you with better insight of what the future may hold before seeking professional legal counsel.


Becoming familiar with your spending habits, debt ratio, and understanding how lenders view your financial snapshot may very well be your best defense against future bankruptcy or foreclosure action. It all begins with fiscal responsibility, supported by a sound credit report, but how many Americans actually request and review their credit report on an annual basis?

Under the Fair and Accurate Credit Transaction Act (2003), all American citizens are entitled to request a free annual credit report from each of the three leading credit reporting agencies: Experian, Transunion and Equifax. Unfortunately, according to American Trust Escrow, a full-service, licensed and independently owned real estate escrow leader, only 44 million people out of approximately 200 million request and review their credit report each new calendar year.

Establishing an annual credit report review practice, especially if you are planning on purchasing a home, is essential. By doing so, you may find incorrect reporting items or come to the realization that it may not be the opportune time to begin house hunting.

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