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.