Yes, both Chapter 7 and Chapter 13 bankruptcy in California can potentially eliminate medical bills, providing relief from overwhelming medical debt.
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FAQs About Medical Debt Relief
Does filing medical bankruptcies hurt your credit?
Medical bankruptcies, which group your medical bills with all other debts, can have a detrimental effect on your credit. This decision results in a mark that remains on your credit reports for an extended period of time.
Before proceeding with such a course of action, it’s crucial to thoroughly explore every alternative available to you.
Before proceeding with such a course of action, it’s crucial to thoroughly explore every alternative available to you.
How do I resolve medical bills in collections?
Contact the collection agency to work out payment arrangements, understand the statute of limitations, check your credit reports, and dispute inaccurate information to resolve medical bills in collections.
You have rights in this process.
You have rights in this process.
How long until a medical bill goes to collections?
State regulations mandate that hospitals must hold off for 180 days before they can report debts or initiate collection proceedings. This time period is provided before a medical bill may be forwarded to collections.
To prevent the medical bill from being transferred to a debt collector, it’s crucial to arrange a payment plan during this six-month window.
To prevent the medical bill from being transferred to a debt collector, it’s crucial to arrange a payment plan during this six-month window.
Do medical collections affect my credit score?
Paid medical collections will not show up on credit reports, yet unpaid ones could potentially reduce your credit score.
Should I worry about medical bills in collections?
Yes, concern about medical bills in collections is warranted. Unpaid medical debt can significantly impact your financial stability, credit score, and ability to secure future loans.
It’s important to understand the system and seek financial help to avoid potential financial ruin.
It’s important to understand the system and seek financial help to avoid potential financial ruin.