How to Get Rid of Medical Debt without Filing for Bankruptcy

If you’re unable to pay off your monthly medical bills then read on to find out how you can get help and hopefully be able to fully pay off your debt.

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If you want to clear your medical debts you’ll need to know a little bit about dealing with unsecured creditors, and how to negotiate with them. If you read the article in full you should have the needed knowledge to clear your debts without needing to file for bankruptcy.

 

Having medical bills unexpectedly come up in your life can be devastating, especially if you were barely making it before. Most people will think that filing for bankruptcy and clearing this debt would be the best choice, while the complete opposite is true. Filing for bankruptcy will destroy your credit for seven or more years and should be avoided at all costs.

 

After filing for bankruptcy you’ll have a very hard time receiving any kind of loan, such as for a home, car, or anything else. You job application may even be denied because of bankruptcy.

 

The alternative to filing for bankruptcy is to remove the debts yourself. Debt settlement is one option that has worked well for many people. This works the same as credit card debt settlement except it’s for your medical bills.

 

Your debt settlement company of choice will negotiate with the creditors until a mutual agreement is made. Show your hospital that at the current rate you will not be able to pay off the debt and will need to file for bankruptcy unless an agreement is met. Your monthly payments and overall payment will almost always be reduced.

 

If you decide to negotiate yourself without a company be prepared to back up your preposition with logic, evidence, and be prepared for counter offers. Make it a point that without reduced rates you will be filing for bankruptcy and they won’t be receiving anything. It’s in their best interest to receive at least 50 or 60% of the debt than none of it.

 

Keep in mind that it’s a negotiation, and both parties must be satisfied with the end result. Be persistent, sometimes hospitals deny the first offer just to weed out customers who aren’t persistent. Continue to send offers and counter offers until one is accepted. If an offer is accepted be sure to write the entire agreement down and have it signed. Never make oral agreements without documenting it.

  

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