An update to the post that I made a couple weeks ago, but I fractured 20% of my back and now have an $8,000 medical bill on the way. What do I even do? College is out of the question, and now I’m stuck facing the question in the title.
Bankruptcy or personal loan?
byu/thhhhhhhrowaaw inpersonalfinance
Posted by thhhhhhhrowaaw
3 Comments
>What do I even do?
Provide more details. $8000 isn’t that large of a single bill
What is your income? What are your other debts? What assets (car, home, savings, investments, retirement plans, etc) do you have?
By “college is out of the question” I assume you are young, but please state your age. How did you fracture your back? In an accident? Did you have medical insurance? Was the accident in a car? If so, did you have auto insurance?
What state are you in? Some/many states require Personal Injury Protection coverage on all registered automobiles so this matters.
No one can answer your question without a LOT more detail. Bankruptcy isn’t some magic protective spell, you have to file for it and have a judge approve it. And if all you say is “college is out of the question” the judge is going to send you out of the courtroom with a directive to pay your debts.
$8k is like 4-5 months of a side job, maybe less. More info is needed. No way a BK is worth it if only $8k is what you owe.