We’ve spent some time over the past few weeks on our Tyler bankruptcy law blog discussing medical expenses, including the unexpected kind from out-of-network providers that many people fear even more than a serious illness itself. Even Tyler residents who understand that filing for Chapter 7 bankruptcy can eliminate debt like this may resist out of a fear of the unknown, or a fear of how bankruptcy will change their lives.
The professionals at the Law Office of Gordon Mosley have been helping clients understand the changes that come with Chapter 7 bankruptcy for more than two decades. Of course, in Chapter 7, it’s true that assets not owned outright may have to be liquidated. But some medical debts can easily run from the tens into even the hundreds of thousands of dollars. If you sold off some assets on your own, would you be able to come up with enough to erase 100 percent of that debt, as Chapter 7 does? It’s important to analyze your situation carefully before making a decision.
With professional guidance from the Law Office of Gordon Mosley, it may even be possible to keep major assets like your home if we are able to demonstrate convincingly that you’ll keep making your mortgage payments. In fact, wiping out your crushing medical debt may actually make it more likely that you’ll be able to stay current on your mortgage. A fresh financial start can help Tyler residents in many different ways.
That said, Chapter 7 bankruptcy has some stringent requirements and not everyone who needs debt relief will be able to qualify. A free initial consultation with the Law Office of Gordon Mosley is a great way to start getting a sense of how your life might change after bankruptcy — for the better.