I am paying off my student loans, about 8,000.
BUT after that, I am considering to file BANKRUPTCY for my more than 20,000 (and growing of medical debt).
I do not have any other kind of debt. No outstanding credit cards, or the such. I have a good standing and three months of living in my local credit union account.
I am a gigging musician, who has a life long struggle with a severe back problem, and insurance is something I did not have in the past. My younger days were of saving enough to see specialists, and then ignoring the rest of the bill.
If I could start all over I would get involved with some kind of low-income insurance policy. As of now, I cannot afford to pay these growing medical debts off. I still need help with my health problem.
Is this wise or will I be hurting myself in the long run?
As a former struggling musician myself, I do understand a bit about your situation.
A few questions:
I am assuming you can afford to repay the student loans? But not the other 20K of medical debts? Is all the 20K medical debt?
Do you have any health insurance at the present time? Are you deemed uninsurable?
Are you working at all besides playing music gigs? Can you do other work?
Bankruptcy is always an option, and it may be the best one for you, but we need to look at making sure what has brought you to the point of bankruptcy does not occur again; and if it is an ongoing medical issue, that may be difficult to do.
If you were to get a job at a large company, one large enough that they do not require a medical for health insurance, this may be one way to alleviate any future medical bills.
Get back to me and let me know more about your situation, how you afford to live, etc, as well as my questions above, and we’ll look more into this and what is the best option for you.
Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques.
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