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What to Do When Medical Bills Overwhelm You

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Clothing, food, and housing are the basic needs of human existence. But for the world we have today, I think money must be part of the list I mentioned, because there is a price tag attached to almost everything these days. There is no denying that a lot of people are filing for medical bankruptcy today. What does this word mean? Allow me to give you the full picture on this matter as this is the right of every citizen of the state.

Medical bankruptcy isn’t actually a legal term. If you want to file for bankruptcy, you need to file under Chapter 7 bankruptcy law. In this type of bankruptcy, you need to enumerate all of your debts, both medical-related and non-medical. Also, you must list all creditors you have.

Who is the person who has financial problems most of the time? According to bankruptcy statistics, single mothers and the elderly are the main recipients of bankruptcy filings. We all know that the older we get, the more often we get sick. On the other hand, single mothers bear all the medical expenses for their children. Both situations have resulted in huge medical bills for elderly and single mothers, forcing them to file for bankruptcy.

One of the basic questions people file for bankruptcy is, “Do doctors have the right to deny them medical treatment?” Actually, that’s a really good question. According to the facts I have collected, I found that doctors, especially those working in public hospitals, have no right to refuse any patient. This statement is based on federal laws made by the states, and since hospitals are subsidized from the government, they have no right to refuse anyone.

Another good question citizens ask, “How do I file for bankruptcy?” The answer is simple. You just need to prepare all the requirements and submit the documents. But it must be noted that once you file for bankruptcy, you cannot apply for six consecutive years. It just means that you don’t have any protection from unnecessary and unexpected debts during the said period.

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If you are planning to file for bankruptcy, it is recommended that you consult an attorney first. If you don’t have the money to pay these costs, you can go to a city attorney. If you want to file for bankruptcy, it is important to understand the basic facts and laws about bankruptcy. Knowledgeable and well-prepared are the keys to a successful application.

Medical bankruptcy is not as simple as you might think. Applying for one comes with a responsibility. You are advised to think twice before taking any further action. Filing for bankruptcy must be your last resort.

Medical bankruptcy can become a person’s only option, regardless of their current financial situation or what type of health insurance they carry. The uninsured are the most at risk of falling into the abyss of unsustainable medical debt. However, in this economy, fewer employers are offering comprehensive and major health plans, and the well-insured are vulnerable. This is because of something called a deductible on their policy.

Everyone is vulnerable to disaster. When a person is hospitalized with a serious illness or injury, initial treatment costs can run into the hundreds of thousands of dollars, such as in the case of a heart attack or multiple injuries. Long-term treatment can even increase costs and treatment. Medical bills totaling more than a million dollars are not uncommon. The insurance company will only pay the amount less deductibles and co-pays. So, for example, a $100,000.00 medical bill, assuming all initial treatment and care, would require a 20% copay and a 10% deductible. That’s about $30,000.00. Add that to the fact that therapy, corrective surgery, anesthesia, and many other procedures and treatments are subject to the same deduction, and you’ve got yourself in debt.

Bankruptcy, in the form of Chapter 7 or 13, is usually the answer. Chapter 13 allows a person to keep any assets while paying off debts within three to five years. For debts of 50K or more, this may not be possible unless the person can return to a higher paying job. Chapter 7 releases the debtor from the obligation to pay off all or part of the debt by selling personal assets. In many cases, Chapter 7 is a good choice. The filer keeps his home and car, furniture and clothes and can start over. A good bankruptcy attorney should be hired to guide you through the process and protect you from creditors who refuse to play by the rules and continue to harass you.

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