LAS VEGAS - nvtip -- When you are facing a medical emergency, the last thing on your mind is the financial implications of hospital stays, medical procedures and treatments. However, once the dust settles and the bills start coming in, you may find yourself facing another kind of crisis.

Can Medical Debt Be Discharged in Bankruptcy?
The short answer is yes; medical debt is considered non-priority unsecured debt and can be discharged in bankruptcy. While you cannot target medical debt in bankruptcy, this process can help lower payments or eliminate the debt altogether.

Understanding Bankruptcy
There are two main types of bankruptcy, including Chapter 7 and Chapter 13. While both types address large debt, the way they work is quite different.

With Chapter 7 bankruptcy, the court considers what you owe and what income and assets you must put toward your debt. With this route, you are likely to have to sell some of your belongings, including property or vehicles, to satisfy your debt. The whole process takes about six months, and in the end, your eligible debts are forgiven. Your credit report reflects the bankruptcy for a decade, making it difficult to get a mortgage, a car loan or a personal loan.

More on nvtip.com

• NAFMNP Awarded USDA Cooperative Agreement to Continue MarketLink Program Under FFAB
• Costa Oil - 10 Minute Oil Change Surpasses 70 Locations with Construction of San Antonio, TX Stores — Eyes Growth Via Acquisition or Being Acquired
• LaTerra and Respark Under Contract with AIMCO to Acquire a $455M, 7-Property Chicago Multifamily Portfolio
• Record Revenue, Tax Tailwinds, and AI-Driven Scale: Why Off The Hook YS Inc. Is Emerging as a Standout in the $57 Billion U.S. Marine Market
• VSee Health (N A S D A Q: VSEE) Secures $6.0M At-Market Investment, Accelerates Expansion as Revenues Surge

Chapter 13 assesses what you owe, your income, assets and comes up with a repayment plan to make the debt more manageable. In most cases, monthly payments do not exceed 15% of your income. This process can stretch out for years, and certain criteria must be met.

Read the full article: https://www.nevadainsuranceenrollment.com/medical-bankruptcy/
Learn more: https://www.nevadainsuranceenrollment.com/auto-insurance-las-vegas-nevada/
Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com