Medical Bankruptcy: Filers’ Must-Have Info

When we heard of the term “medical bankruptcy”, the first thing that will come into our minds is that a person is going through a lot when it comes to medical issues. Well, actually, the term is not as specific as you think. Yes, it includes medical debts but it is not all about medical-related issues. As a matter of fact, when you search for that term, you will find out the “medical bankruptcy” is not actually a legal term. Here are some of the useful facts that will be helpful for giving you a clearer view with regards to this topic.

One of the main reasons why “medical bankruptcy” is mistaken to be solely related to medical debts is that, it was confirmed that almost 60% of the bankruptcy filed each year is due to the mountainous medical obligations. And also, based on the statistics, most of these medical payments dilemmas are in connection with the elderly and the single moms since they are the ones who did not get any support when emergency events transpire.

When you decided to file for bankruptcy, you will not only include the medical debts that you have. You actually need to include all the unsecured debts that you have. Also, it must be noted that you have to apply for either chapter 7 or chapter 13 bankruptcies because as stated earlier, there is no legal term as “medical bankruptcy”.

This kind of bankruptcy is available for everybody. If you think that when you have the insurance you will be far away from bankruptcy then you are thinking wrongly. Based on some studies, almost 75% to 80% of the applicants for bankruptcy are covered with insurance.

If you fear that when you file bankruptcy you will no longer be accepted and treated by doctors, then stop thinking of that wrong fact. It is stated in the federal law that hospitals, especially the ones getting federal funding are prohibited from declining patients even they are suffering from bankruptcy.

We cannot deny that application for bankruptcy is considered to be one of the most convenient resorts in getting rid of your debts. But you must be informed that it is not all about that! Filing for bankruptcy has a cost attached to it. Aside from the fact that your reputation will be quite deteriorated, you will be unprotected from heavy debts for a certain period of time since based on the law, there is a specific time frame before you are allowed to apply for bankruptcy once more.

With the facts presented, we must measure things first. And for best results, it is advised that you first have the complete idea about bankruptcy before applying for it. You can either read the law by yourself or you can seek for an attorney’s help.

If you think there is no other resort but to file for a bankruptcy, go and do it now! This will surely help you vanish all the present debt dilemmas that you are burden with at the moment.

Think First Before You Apply For The Medical Bankruptcy

If you are one of the people who need the service of the medical care but you do not have the money to be able to do it, one of the immediate action that you might consider to avail is to apply at the medical bankruptcy.

As you can see, this is now considered as the most viable option of those individuals who are not capable of settling all of his medical bills that he has incurred during his stay inside the hospital. As you know, it is your obligation to pay all the bills to the services that the hospital has provided to you. It is just fair that you pay them accordingly.

However, there are times that one person has no choice but to be confined in a hospital even if his family is fully aware of their situation. This means that even if they know that they do not have the money to afford the services and the medical attention that a particular hospital, they have simply no choice but to let their family member to spend days in the hospital and worry about the bills afterward.

If you are one of these people who often found yourself overwhelmed by medical bills and you have no concrete plan to settle them, the only thing that you can really do at this situation is to apply for the medical bankruptcy. Once your application on this program would be approved, you will be allowed to walk out the hospital and leave your bills behind under certain conditions.

The following are some of the things that you must know so you can take advantage of this program:

- Before you make your application on this program, it will be much better if you will ask around and know something about it by checking what others have to say about it. Make sure that the people you will be talking to have vast knowledge on this issue so you can get some helpful advice and reliable facts.
- You should be aware that there are some hospitals that will be willing to allow you to settle your debts at much convenient rate. So before you do anything, try to talk things to the hospital management and see what agreement you can enter to settle your medical bills.
- Since applying to medical bankruptcy might require you to have your own bankruptcy lawyer, you have to be sure that the one you will hire will have a good reputation. You can do this task by having some conversation with the attorney's past clients and see if this lawyer is competent and effective in his work. You can also ask for some referrals to the people who have been through this situation or make your own background check of your prospect attorney.

The above-mentioned things are some of the tips that will help you before you decide of making the application to this program. Always remember that it is very important to weigh your options first before doing anything that you might regret afterwards.

The Help Coming From Medical Bankruptcy Application

Do you really think that filing for the medical bankruptcy will help you? Although there are lots of things that you are hearing about this stuff, will that be enough to convince you of trying it also?

We all know that getting ill is one of the things that most of us will like to prevent from happening. But we also know that this task is not feasible as regardless of how alert we are, there is always the possibility that a particular illness can bring us down.

The situation when you will have to spend several days inside the hospital is also one of the things that will make us worry especially if you do not have the money to pay the expenses that you will incur from it. Remember, there are no clinics that can be found around the globe that will give you free medication and medical services. This is the reason why there are people who shun away from having themselves confined of even check up by these medical establishments.

But let us say that you do not have any choice but to avail the service of these hospitals despite your awareness that you do not have the cash to pay the bill after. You know this will be a huge dilemma for you since you are fully aware that you cannot just walk away from any hospital without paying your bills on them. What do you thing is the best solution for this predicament?

This is where the application for the medical bankruptcy will enter the picture. This will be a big help for the individuals who have been admitted and provided by the essential medical services but are not capable of paying the expenses they have incurred from the hospital.

What you must know so you can avail this service?

Of course, before you can have the benefits of this medical insolvency filing, there are several things that you must be wary of. It will be very crucial that you will know the important facts and information first before you make your application on it.

First, you must know that there will be the agreements that you have to sign in front of the hospital management that you are pledging that you will pay the bills. Just like what has been mentioned earlier, there are no clinics or hospitals that are rendering free medical services. You will only be allowed to get out of this situation with the virtue of the agreement that you will sign your name on it.

Moreover, there are also times that a person is only force to apply for the medical bankruptcy on the fear that he might lose his properties such as cars, house and other things under his name. And the only way to prevent these things from happening is to avail this medical insolvency.

To sum it up, the arrival and the accessibility of the subject above is something that is considered by most people as a great way of allowing them to avail the service of the hospital. This will allow encourage them to have themselves confined inside the hospital so they can be fully treated from their illnesses.

Things To Know About Medical Bankruptcy Filings

The term medical bankruptcy is not new to the modern society as many people have already used it at one point of their lives. For those individuals who have incurred medical bills that are improbable to be paid immediately, the first thing that one will do is to look for the quickest way out of this tight situation.

In case you are currently having this kind of problem, most probably, you are also thinking of how the medical bankruptcy can help you. But before you will pursue in taking advantage of this scheme, there are things that you should know about it. The following are given below so you will understand it clearly.

Federal Rules in Bankruptcy Procedures

The rules in the Federal Bankruptcy Procedures have been published at the Cornell school of Law by the Legal Information Institute. These rules are governing the procedures for every filing of bankruptcy that one must comprehend and follow. It includes the following: Chapter 7, Chapter 13 and Chapter 11.

Rules' Contents

The Federal Rules for the Bankruptcy Procedures is composed of nine parts, and each of these has their respective set of rules. Each rule is numbered consecutively and has the part of the number appended in each beginning of the rule number.

Bankruptcy Commencement Cases

The first part of the bankruptcy rules is dictating how a particular case will be reopened which also include the involuntary as well as the voluntary petitions. Each of these petitions is required to be filed by the bankruptcy clerk then will be passed to the selected bankruptcy trustee. This particular rule also states the information that must be included in any kind of petition and also to the filing fee for the Chapter 11 bankruptcy filings. As stated by the court of federal bankruptcy, the filing can be changed from time to time.

Meetings, Notices and the Administration

The second part of the rules that is stated in the bankruptcy filings is dictating how to handle the notices that are given to the creditors as well as the other administrative actions that will take place during oneís insolvency. Also covered by the rule 2 is the examination for the debtor, apprehension and the exclusion of a particular debtor to force his attendance for the said examination.

Distributions and Claims

The 3rd part is intended to be followed by the creditors. This includes the proof of claim filings and the proof of the interest of equity filings. Both trustee and the debtor are allowed to do the claim filings also. This rule also governs the different oppositions to claims as well as the reconsideration that claims can have. But the most important part of the part 3 of the rules is the payments of the dividends that will take place in every liquidation procedure.

Debtors Benefits and his Duties

One should not forget that in every time he will file his insolvency case, he has the duties to fulfill and benefits to gain after. The automatic stay is one of the immediate benefits he can get from this procedure. This will dictate any creditors that are included in the list to refrain from getting collections against the will of the debtors. However, debtors should also be responsible to fulfill his obligation.