Even “The Hulkster” Can’t Wrestle With Medical Debt

February 5th, 2010 by Reed Allmand

During wrestling celebrity Hulk Hogan’s (Terry Bollea) divorce from Linda Hogan (Linda Bollea) finances were a constant point of battle. His ex-wife accused him of hiding assets and Hulk Hogan claimed that he was drowning in medical debt. Here’s a snapshot of just what that battle looked like back in March:

Lawyers for Hulk Hogan filed documents requesting $300,000 of the his frozen assets. The hulkster had surgery on his back last month and said he is subsequently unable to work as a result. The documents claim Hogan’s bills eclipse $300,000 and he only has $411,000 in his bank account. Linda Bollea, his ex was granted attorney fees of $400,000 late last year.

For all of you suffering from medical debt, please take note.  Even the hulkster can pin down medical debt, it’s just too much.  Medical debt is a very powerful force that can send you to bankruptcy immediately or wipe out all of your assets.  Think about it, even Hulk Hogan, who I am sure had medical insurance, was left with a whopping $411,000 in medical debt.  How many ordinary people can handle that type of medical debt?  Not many. And not many ordinary people have $400,000 laying around in their bank account.  So do yourself a favor if you are facing a large amount of medical debt, please do not go broke trying to pay it.   It is good to pay your bills, but it is not good to destroy your finances in the process of paying medical debt or other types of debt.  There is nothing wrong with using bankruptcy to discharge or repay that medical debt under reasonable terms.  Remember, Chapter 7 bankruptcy will discharge unsecured debt and Chapter 13 bankruptcy will allow you to repay your debts under reasonable terms in a 3 to 5 year period.  And even in Chapter 13 bankruptcy some of your debt may be discharged.