• FRS Law Group

    (Flinn, Ruble & Salazar)

    Elgin IL: 224-276-6641
  • FRS Law Group

    (Flinn, Ruble & Salazar)

    Sycamore IL: 630-202-1559
  • Donahue & Walsh, P.C.
    McHenry IL: 815-889-2364
  • Granger & Donahue
    Rockford IL: 779-203-9049
  • Cohen & Donahue
    Palatine IL: 847-452-5124
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Chapter 7 bankruptcy: an option to overcome extreme medical bills

Your professional career has begun. You have few worries. Relying on contract work in this gig economy has been surprisingly steady and well-paying for you. Although you are not a full-time employee receiving no health care benefits, you reason that your health is fine, and things are really looking up.

Then a major malady unexpectedly strikes, and you undergo life-threatening surgery. It proves successful, and now you prepare for weeks of rehabilitation. While health care professionals saved your life, it has come at a great financial cost. On top of that, you had limited or no health care insurance, footing you with a six-figure bill that you cannot pay. What are your options? Unless you have access to relatives with deep pockets or initiate a generous crowdsourcing campaign, Chapter 7 bankruptcy is a logical choice.

A medical crisis surfaces unexpectedly

Bankruptcy never was a four-letter word, nor should it be taken in that context. Bankruptcy provides a resolution for people who are experiencing a major financial crisis. This legal concept lets you eliminate or reduce debt in order for you to carry on with your life. A medical crisis is a reason to consider Chapter 7 bankruptcy.

Here are some reasons why Chapter 7 bankruptcy may be the best solution:

  • You have few assets. As a young professional, you still have years to accumulate wealth. Since it is early in your career, you likely do not have much. When you add overwhelming medical expenses to this equation, bankruptcy is a realistic solution.
  • Problem debt is out of hand. Debt such as medical bills, credit card debt and personal loans can be forgiven through Chapter 7.
  • When you realize that paying off the debt may take more than five years even if you take drastic measures. This scenario is likely with exorbitant medical bills.

We know that health care expenses can take their toll on anyone and any family. Even people who have insurance feel the financial pinch from medical costs. That is what can happen whenever you spend a few weeks in the hospital. Bankruptcy can help you look forward.

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Donahue &
Walsh, P.C.

FRS Law
Group

(FLINN, RUBLE & SALAZAR)

FRS Law
Group

(FLINN, RUBLE & SALAZAR)

Granger &
Donahue

Cohen &
Donahue

Palatine Office
800 E Northwest Highway
Suite 602
Palatine, IL 60074

Phone: 815-889-2364
Phone: 847-452-5124
Fax: 847-930-1135
Palatine Law Office Map

Elgin Office
2400 Big Timber Road
Suite 108
Elgin, IL 60123

Phone: 815-889-2364
Phone: 224-276-6641
Fax: 847-930-1135
Elgin Law Office Map

McHenry Office
4310 Crystal Lake Road
Suite C-D
McHenry, IL 60050

Phone: 815-322-9678
Phone: 815-889-2364
Fax: 815-344-8922
Map & Directions

Sycamore Office
145 S. Sacramento Street
Sycamore, IL 60178

Phone: 815-322-9678
Phone: 630-202-1559
Fax: 847-930-1135
Sycamore Law Office Map

Rockford Office
One Court Place
Suite 100
Rockford, IL 61101

Phone: 815-322-9678
Phone: 779-203-9049
Fax: 815-329-6768
Rockford Law Office Map