I want to file bankruptcy. Would it be worth it for debt over $50,000? Almost 80% of my debt is Medical related.

"Any suggestions?" Well, yes: contact a local experienced bankruptcy attorney, provide all information and data requested, and ask that attorney to help you think through the relative costs and benefits. $50K sounds overwhelming, but if you are "collection-proof" protection under the Bankruptcy Code may be superfluous. Only a flesh-and-blood attorney who can ask questions and gather all needed information can provide the advice you deserve. Maybe it would make sense to go through the initial process with more than one attorney (and, beware, you need the attention of the attorney, not paras, assistants, or other staff). Best wishes for an outcome you can accept, and please remember to designate a best answer...

Certainly it may be worth it, but the only way to make an intelligent decision is to have a comprehensive consultation with an experienced bankruptcy attorney. There are many factors to consider in addition to how much you owe.

I concur with the recommendations of my distinguished colleagues. If you tried to pay this debt off, it would cost you far more than this. If you do not file Chapter 7 Bankruptcy, it would be extremely unwise. An experienced Bankruptcy attorney will be able to determine which type of Bankruptcy is the correct one for you. Use 's Find a Lawyer tool to select a qualified attorney. Good luck.

I concur with my colleagues who recommend a consultation with an experienced BK lawyer. Some of us offer a free consultation by phone or in person. Take us up on it.

I consider $50,000 to be a lot of unsecured debt for my personal matters, so it doesn't surprise me that you are spooked by that much, as well. However, I do not go straight to a discussion of Bankruptcy with just these facts. There are far more important considerations to bring to the forefront. The first questions I ask my clients with a lot of medical debt are very personal, and should never be answered in this kind of forum. For example, I ask, 1) "What has caused your medical debt to be so high," and, 2) "Have you reached a point where your medical debts are now under control?" Those, of course, are tricky questions. No one knows the future, so that second question revolves around what kind of medical conditions you face. If you had a medical condition that required a sudden expense, like an appendectomy, and now you have fully recovered, then you can consider your general health and probably answer the question with a fair degree of certainty. It might be a good time to file Bankruptcy. If, on the other hand, your answer is that you suffer from a chronic, serious condition, and that you expect future surgeries and expenses, I have to ask at least two additional questions: 1) "Do you have health insurance that will cover enough of the expenses such that you are able to cover the co-pays and medication expenses out-of-pocket for the foreseeable future?" and, 2) "If you know that you cannot handle your future expenses, what are the risks that you face?" Only after I have the answers to these questions, or at least a pretty good indication, do I offer advice about whether and when to file Bankruptcy. This is why I believe only attorneys should interview a new client during a first visit. I also do not believe in phone consultations, as I will not be able to observe your condition. I have had clients who sound fine on the phone, but hobble into my office, claiming they intend to work for another five or ten years. When I ask "Why do you have to do that when you are in such obvious pain," the answer is often, "Because I have to pay my bills," or "Because I really would rather not file Bankruptcy, and I want to figure out a different solution." I have to point out to them that they are spending what is left of their health on paying back their creditors, at the expense of not just their health, but their family's welfare, and their enjoyment of the rest of their life. Is that worth the trade-off? I have also met many people who have fallen into the habit of working long overtime hours to manage their debt, and as a result, are forced into a Chapter 13 Bankruptcy when they decide to file. By reducing their hours to normal working hours, they qualify for Chapter 7. When I see the worried look on a spouse's face and their agreeing with my analysis of what the overtime is doing to their spouse and the effects on their family, I know that there is another issue that may interfere with rational analysis...pride. I say all of this to urge you to seek a very comprehensive, in-office consultation with a very experienced and patient attorney who will budget enough of their time to properly analyze your own particular circumstances. You may decide, based on your age and your family's circumstances, that you do not have to file Bankruptcy, and not pay your bills, either! Many of my clients have spent nothing to learn that they need do nothing. An experienced attorney can give you a strong sense of comfort that you can safely take the steps resulting in the best possible results for you and your family. Medical issues can be most difficult to analyze, and even good intuition does not lead to clear discernment. Bankruptcy defies intuition. Conditions that affect the human body are even more counter-intuitive. You may not need to hire an attorney, just get a good consultation! May God Bless You with wisdom and health, even as you consider this difficult decision with experienced local counsel!

Get the free consultation. Meet with 1-3 attorneys before deciding what to do. Best of luck.

Of course it would be worth it to file bankruptcy. The only issue may be whether you qualify for Chapter 7 bankruptcy. Filing for bankruptcy due to medical expenses is one of the most common reasons why people file.