[Las Vegas Mommy]

I have a little over $35,000.00 worth of medical bills. I have insurance now, but lost mine while I was going through some health issues a few years back. Anways, I figured it would take at least 5 or more years to
to actually pay the debt off myself.
Would I be better off filing for bankrupcy??
If so, what Kind? How long would it take to restore my credit?
I have a car note, credit card, which I keep and never use unless its an emergency, so there is no outstanding balance.

I noticed this board has quite a few knowledgeable people in here, so hopefully I could get some good insight.

[WANative]

Assets? Homeowner? How many vehicles? Liens? Not sure if you would be a consumer credit counseling or debt management candidate with no credit card debt but that is where I would start, BK should be considered a last resort. You may have to turn in assets and depending on your income you may be required to file a CH 13 which is a debt repayment plan (sometimes not giving you much of a break).

[airics]

most likely you will have a chapter 11 bankruptcy in which you still have to pay your debts.. if you live in Nevada, and you have not declared bankruptcy yet (at least several months away), utilize the homestead exemption law.. go file for homestead now... you will most likely lose your house, car (if it has equity etc), and your credit will be anniliated for 10yrs or more if you are on the payment plan.... this is the absolute last resort...

[olecapt]

You can inquire but I think you are a bad candidate. Under the new bankruptcy law you will end up on a payment plan that will likely repay a good part if not all of the 35K. You simply don't have enough debt to make it worth while.

You might want to hire one of the bankruptcy guys to go off and try and make a deal for you on the 35K. Sometimes they can get a big reduction with the threat of a bankruptcy or suing or refusing to pay for one reason or the other.

If you want to talk to someone drop me a DM and I will recommend a lawyer who does that sort of thing.

[jfkIII]

Does NV have credit counseling services, where they negotiate with the creditors, who sometimes even drop finance charges during repayment? You make one monthly payment to credit counseling mediator service, who then pays the creditor on a monthly basis. It does hurt your credit and stays on record for 7 years...but it is not bankruptcy...which can come back to haunt you in the future.

[airics]

Originally Posted by jfkIII

Does NV have credit counseling services, where they negotiate with the creditors, who sometimes even drop finance charges during repayment? You make one monthly payment to credit counseling mediator service, who then pays the creditor on a monthly basis. It does hurt your credit and stays on record for 7 years...but it is not bankruptcy...which can come back to haunt you in the future.

most of those companies that you see on television are a bunch a crap

[Las Vegas Mommy]

yeah, Im a little uneasy about giving my money to those places....I would much prefer a word of mouth refferal, and hopefully a free consult. I will be dropping you a DM Olecapt.......I also got another refferal from a another member, thats looks promising.......Thanks Guys

[TakLV]

I would say your best bet is to either call your self or have a credit repair company call on your behalf to get your amount owed reduced. You can end up saving a huge amount by doing this alone. You can also try to get your loan modified if you own your current home. Lenders are now "modifying" your current loan terms to make your payments more affordable. I saw this contact info on another thread and they do free consultations: Las Vegas Loan Mods 888-259-8401. By reducing your mortgage payment and the medical bills maybe you could stay in your home.

[LV Foreclosure First Time]

Originally Posted by olecapt

You can inquire but I think you are a bad candidate. Under the new bankruptcy law you will end up on a payment plan that will likely repay a good part if not all of the 35K. You simply don't have enough debt to make it worth while.

You might want to hire one of the bankruptcy guys to go off and try and make a deal for you on the 35K. Sometimes they can get a big reduction with the threat of a bankruptcy or suing or refusing to pay for one reason or the other.

If you want to talk to someone drop me a DM and I will recommend a lawyer who does that sort of thing.

Olecapt,
I need your advice once again....Facing foreclosure on a house I don't want anyway (ose 313k, worth 189k). Have about 26k c.c. debt and some medical bills...Baby due in May 09 so there will be more med bills. Should I fil BK Ch 7 after the baby to protect myself against deficiency judgement? If I do, will they take all $ in bank accounts (about 3k) PLUS I have a 3600 tax refund coming back to me this month. Iwas going to pay some debt off (which wouldnt make a dent anyway) but if I do BK should I use it to buy the computer my family needs for school in fall, or is that fraud? Should I try to spend my money (on practical things) so that I at least get use form it...Id rather get something instead of giving it all up towards bad debt....HOWEVER - if I can save my bank accounts, I'd rather save my tax refund and other $ to have as a cushion after BK...that way I can use reserve funds to qualify for renting a place since my credit will be screwed....I definitely pass means test and have apt with lawyer on THURS,a response asap would be aprpeciated....I almost can't see us declaring BK for such a small amt of debt, but I know I cant pay it off myself (No surplus with monthly income)...ANY THOUGHTS?

[jjameson922]

I've got to believe you've tried this but hasn't any of the medical providers worked with you to reduce your balance? My experience has been that they will all reduce their bills 65%, leaving the patient the opportunity to pay off the remaining 35% in a comfortable payment form.