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Los Angeles Bankruptcy Lawyers / Torrance Medical Debt Lawyer

Torrance Medical Debt Lawyer

The high costs of medical treatment can impose a crushing financial burden, even for those with health insurance coverage. A single hospitalization or chronic condition can rapidly accumulate exorbitant bills that become impossible to pay off. If you find yourself drowning in medical debt, know that there are solutions available.

The bankruptcy lawyers at Wadhwani & Shanfeld possess extensive experience helping clients in Torrance eliminate overwhelming medical debt through bankruptcy protection. As unsecured debt, medical bills are among the easiest liabilities to be discharged. Our knowledgeable Torrance medical debt lawyer can evaluate your situation and guide you through the optimal bankruptcy approach to regain financial stability. Reach out today for a consultation on resolving your medical debt crisis.

How To Get Rid of Your Medical Debt

If medical bills are weighing you down, bankruptcy may provide the solution to get you out of this unsecured debt. The attorneys at Wadhwani & Shanfeld can guide you through two main bankruptcy options for medical debt relief.

Chapter 7 Bankruptcy

This “straight bankruptcy” allows eligible debtors to essentially wipe out qualifying debts like medical bills, credit cards, and personal loans. To file for Chapter 7, your income must fall below a certain threshold based on a means test. If you qualify, the process is relatively straightforward and swift, often completed within 6 months. Our firm will properly file all the necessary paperwork in court on your behalf. While a Chapter 7 discharge provides significant debt elimination, there is a trade-off – the bankruptcy trustee may seize any non-exempt assets you own to pay back some portion to creditors. However, most Chapter 7 filers can protect essential property.

Chapter 13 Bankruptcy

Individuals with a steady source of income may pursue a Chapter 13 “reorganization bankruptcy.” Rather than discharge debt outright, you will repay creditors through an affordable repayment plan over a 3–5-year period based on your actual income. Any remaining unpaid balances after this repayment period are then discharged. A key benefit is that you can maintain possession of property, even non-exempt assets, by paying creditors at least the same amount over time. Chapter 13 is ideal for those who want debt relief while still preserving their assets.

Bankruptcy offers powerful debt elimination but is not necessarily the right path for everyone. Depending on your unique finances, alternative solutions like debt negotiation or management plans may be more suitable to tackle medical debt without bankruptcy’s credit implications. Our medical debt lawyers in Torrance will analyze your situation and counsel you on the optimal approach, whether through bankruptcy protection or alternative remedies.

Seek Help from Our Experienced Medical Debt Lawyers in Torrance

Mounting medical debt can feel overwhelming, but you have options. The experienced bankruptcy lawyers at Wadhwani & Shanfeld are here to help Torrance residents struggling with debt find relief. We will carefully evaluate your financial situation to determine if bankruptcy is the best path forward and advise you on the optimal time to file. Proper timing is crucial to ensure all qualifying medical debts are included and discharged effectively. Don’t let unmanageable health care costs cripple your finances any longer. Contact our firm today to schedule a consultation with a knowledgeable Torrance medical debt lawyer.

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