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Quick Summary: Healthcare-related debts such as medical bills become dischargeable through bankruptcy (Chapter 7 and 13). Chapter 7 offers discharge for eligible medical bills. But it can involve assetliquidation, and the discharge is independent of such sales. Timing is crucial in bankruptcy.
However, because assets do not secure these debts, bankruptcy may help eliminate them. To qualify for Chapter 7 bankruptcy, debtors must pass a means test that compares their income to their state’s median income. Chapter 7 bankruptcy remains on credit reports for 10 years.
This type of bankruptcy is often chosen when a business needs to close its doors. Chapter 7 includes many different processes, including: AssetLiquidation: The business’s non-exempt assets are sold off to pay creditors. Discharge of Debts: After liquidation, any remaining unsecured debts are discharged.
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