In the United States, medical bills remain the biggest reason for people filing Chapter 7 bankruptcy. But did you know that cancer patients are more likely to file for bankruptcy than people without cancer?
A recent study showed that patients diagnosed with cancer in Washington state were 2.65 times more likely to need a bankruptcy. Younger cancer patients are at a higher risk of becoming bankrupt than elderly patients whose expenses may be significantly reduced by Medicare and Social Security.
Receiving prompt medical treatment for any medical condition is vital. But it can drain your financial resources, causing you to incur medical debt and more personal debt through the use of credit cards. The additional stress coming from unpaid medical and credit card debt can worsen your medical condition, aggravating the pain and suffering that ordinarily accompany a cancer battle.
If you or a loved one is overwhelmed by debt arising from medical expenses, you can obtain relief through a legal remedy known as Chapter 7 bankruptcy.
How Chapter 7 Bankruptcy Can Help
Chapter 7 bankruptcy is a legal remedy that allows you to have a fresh start, generally wiping out most debt except for certain items such as:
- Student loans
- Court fines
- Specified taxes
If filed correctly, following prescribed legal forms, rules and procedures, you will likely receive a discharge from your debt – usually 90 days after submitting your petition.
Legal Requirements for Chapter 7 Filing
A debtor must comply with certain requirements for filing, such as passing the means test. This entails a mathematical comparison of the petitioner’s annual income to the annual median income for a similar-sized household in the state of Washington. That information is entered into a form and submitted to the bankruptcy court along with the petition.
The petitioner’s income must fall below the threshold amount in order to qualify for a Chapter 7 filing.
Why You Need a Chapter 7 Attorney
Getting a Chapter 7 petition approved in court can be a challenge and additional source of stress for patients and their weary families. It requires knowledge of bankruptcy laws and rules of procedure, attention to numerous details and legal forms, and experience in calculating the means test. Our experienced attorneys can help prepare and file all necessary forms in support of your Chapter 7 bankruptcy petition.
Representing Residents of Southwest Washington
In Southwest, Washington, the Law Office of Erin Bradley McAleer has over 25 years of combined experience in consumer bankruptcy; helping individuals and their families obtain much-needed relief from overwhelming debt that is often the result of unfortunate circumstances.
We welcome your call today at (360) 334-6277 to speak to an attorney about your situation. Our consultations are free.