Chicago Medical Debt Lawyer

Are you overwhelmed with enormous medical debt in Chicago? Sadly, numerous Chicago residents grapple with prolonged medical bills, often without a clear strategy for repayment.

At Wonais Law, LLC, our Chicago medical debt attorney helps people like you eliminate medical debt and regain control of their finances. Schedule a free consultation to discuss your situation with us today and learn the best plan of action to eliminate your medical debt.

What Are Your Options for Relief From Medical Debt?

The bankruptcy code provides you with two options to get relief from medical debt:

• File for Chapter 7 bankruptcy and discharge your medical debt.
• File for Chapter 13 bankruptcy and pay back your medical debt over time according to a plan.

Both options have their pros and cons and different eligibility criteria. The one you can pursue and favor depends on your situation.

Overview of Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the default option for many people facing financial trouble. It helps you wipe out all your unsecured debts; therefore, it’s popular among people and the preferable choice for those struggling with medical debts. Unsecured debts are those against which you do not provide any collateral, such as:

• Unpaid medical bills
• Credit card debt
• Payday loans

Pros of Filing for Chapter 7 Bankruptcy

• It can eliminate your entire medical expenses arrears and almost all other unsecured debts, giving you a fresh financial start.
• It’s the quickest. You can complete the whole process in a few months.
• The moment you submit your Chapter 7 petition, an automatic stay comes into effect and stops all collection efforts of creditors. It means no more harassing phone calls, threatening letters, or wage garnishments.

Cons of Filing for Chapter 7 Bankruptcy

• It depresses your credit score, affecting your ability to take new credits for the next ten years.
• It seizes your non-exempt assets and distributes them among creditors to pay off your debts.

Non-exempt assets include:

• Cash, bank accounts, stocks, bonds, and other investments
• Second car or truck
• Second home or vacation home
• Valuable items like jewelry
• Collection of stamp coins
• Family heirlooms

Overview of Chapter 13 Bankruptcy

Chapter 13 is an innovative approach to dealing with enormous debt. It helps you discard your medical debt and allows you to keep all your assets simultaneously. In chapter 13, you propose a plan to the bankruptcy court that outlines how you will repay your debts in the next 3 to 5 years. It’s known as a repayment plan.

Pros of Filing for Chapter 13 Bankruptcy

• You can keep your assets and repay the debts over a certain period.
• Although your plan must satisfy definite standards to gain bankruptcy court approval, you can dictate repayment terms.
• The creditors must cease all collection efforts after you file for Chapter 13. They cannot harass you, and you are only required to make payments as per the repayment plan.

Cons of Filing for Chapter 13 Bankruptcy

• The process is relatively long and takes 3 to 5 years to complete.
• It has an impact on your credit report for the next seven years.

Why Choose DebtPros in Chicago for Your Medical Debt Solution

Our experienced bankruptcy attorneys have helped hundreds of patients in Chicago who lost control of their finances and drowned in the sea of medical care debt regain financial stability.

Unlike other bankruptcy law offices in Chicago, Wonais Law, LLC doesn’t believe in completing just another case. Instead, we adopt a personalized approach and understand the unique circumstances of your case. It enables us to provide a solution that caters to your needs and secures your best financial interests.
Call us to discuss your medical debt with our Chicago bankruptcy attorney, John Wonais. We understand the financial challenges you likely go through. Therefore, we provide free initial consultation and believe in helping you get back on your feet. We have expertise in the bankruptcy code and can help you start a debt-free life.