If I have unpaid medical debt in collections the approximate total is no more than $20,000-$30,000, should I file for bankruptcy?

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If I have unpaid medical debt in collections the approximate total is no more than $20,000-$30,000, should I file for bankruptcy?

I am unemployed and in school. What would be the best to do for this large amount of money? Would payments reflect a little positivity on my credit background? I understand filing would impair my credit even more etc. and it would mean not being able to rent, higher interests loans. However, I know if I file for bankruptcy and after, the storm will not be forever and I will be able to get on the right track and obtain all I need.

Asked on August 4, 2012 under Bankruptcy Law, Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The best way to determine whether or not you should or should not file for bankruptcy protection is to consult with a bankruptcy attorney with respect to your finances, debts and assets. Most simply bankruptcies cost around $5,000 or so based upon my experience in such matters. Note school loans cannot be discharged in bankruptcy.


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