Robert W GambrellChapter 13 Bankruptcy AttorneyOxford, MS ·
There is no specific amount of debt that you must owe to qualify for a chapter 7 or chapter 13 bankruptcy. To determine if that is the best option, one must compare the amount and electability of the individual's debt with the income and ability to pay that debt along with the amount of the individual's assets. An good bankruptcy attorney can help you make that decision.
Another thing to consider is whether the debt from 2008 is barred by the statute of limitations (SOL). In my state, medical debt that is over 3 years old is barred by the SOL. However, if the hospital was a county or state hospital, the SOL never runs on debt owed to the state or a county. An attorney from Colorado should be able to help you with that issue.
If a client came into my office and he/she only owed medical debt that was barred by the SOL, I would suggest the filing of suits to declare that the debt is now barred by the SOL to stop any further reporting on his/her credit report or do nothing and defend the claim if the medical providers file suit to collect the debt. At that point, I would look at the possibility of suits against the attorneys or collection agencies under the Fair Debt Collection Practices Act (FDCPA).
Again, the best thing to do is get advise from an attorney in Colorado that is well versed in bankruptcy and the FDCPA. You should be able to find one that will give you a free consultation to determine what is your best option.
That's a pretty significant amount of debt, and it's not uncommon to file bankruptcy owing that much to creditors. Generally, if you don't see a way of paying debts in full within a few years, in most cases a bankruptcy will be your best option for debt resolution. Nevertheless, you should speak further with a good Colorado bankruptcy attorney to assess your situation and see whether bankruptcy makes the most sense for you.
I agree that $15000 is a large sum, however, if the debts really date back to 2008 it is possible that the statute of limitations for collection of the debt has passed or will pass shortly. If you have other debts as well then bankruptcy might make sense regardless of the statute of limitations issue, but you might want to have a lawyer take a look at your exposure before deciding whether or not to file for bankruptcy.