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Medical Debt? Bankruptcy Can Help.

Medical debt is well known as a top cause of bankruptcy, contributing to the majority of cases in the United States. It is an overwhelming issue, and many debtors owe more than they can ever realistically hope to pay back.

At Telpner Peterson Law Firm, LLP, our attorneys bring experience, professionalism and dedication to the bankruptcy process. Our team can help you explore all of your legal options to reduce or eliminate this debt and provide a fresh start here in Council Bluffs and the surrounding area.

What Is Medical Debt And Why Is It So Prevalent?

The healthcare system in the U.S. in complex and debt is the result of many factors, including the fact that the U.S. does not have universal health care. Some patients don’t have insurance, and even those who do can own tens of thousands of dollars for out-of-network services.

How Does The Bankruptcy Code Treat Medical Debt?

The bankruptcy code doesn’t specifically mention medical debt but just refers to unsecured debt. This debt isn’t connected to a physical asset. Credit card bills are also unsecured debt.

Those who have outstanding debt may resolve it with Chapter 7 or Chapter 13 bankruptcy. With Chapter 7, nonexempt assets are liquidated and remaining medical debts are forgiven. With Chapter 13, outstanding debt gets consolidated into an affordable repayment plan, which can typically pay back the debt over three to five years.

Why Should You Trust Us With Your Bankruptcy?

Here at Telpner Peterson Law Firm, LLP, our lawyers have the experience needed to help you explore all your bankruptcy options. Every case is unique, and we consider details like the total value of the debt, income levels, future financial goals and more. Our experience allows us to quickly determine what option would be best in your case.

Our Attorneys Understand Debt. Contact Us To Learn More About Your Options.

If you are thinking about filing for bankruptcy from medical debt in Iowa, do not hesitate to get in touch with us today by dialing 712-309-3738. Experienced, hard-working and dependable, Telpner Peterson Law Firm, LLP, can help you every step of the way.