medical Care and Bankruptcy - How Does One affect the Other?

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Rising healing costs, lack of sufficient insurance, unexpected illness and disability have caused financial hardship for many Americans. Each year, more than a million citizen file bankruptcy petitions and national statistics show that half of them have experienced a serious health problem. Agreeing to a 2007 national study on healing bankruptcy in the United States, more than 60% of bankruptcy filings are linked to health care costs.

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How is medical Care and Bankruptcy - How Does One affect the Other?

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So what happens to healing debt when one files a bankruptcy petition? It is treated the same way as other "unsecured" debt, such as credit card bills and personal loans, meaning that it is not backed up by any exact tangible property and creditors cannot take any exact property from you if you are not able to pay. If a man files chapter 7 where unsecured debts are completely wiped out, this means that the healing bills are erased as well. If a man files chapter 13 and creditors are repaid a confident division of the debt, healing creditors are partially repaid Agreeing to the same plan, and the rest of the debt is erased.

The caveat is that only pre-filing debt is eliminated. Any debt incurred after motion is filed is not dischargeable.

Another caveat is that if healing debt is erased through bankruptcy, potentially an affected health care victualer can interrupt or refuse hereafter services. Bigger hospitals and institutions are less affected and less likely to interrupt services. Smaller providers - for example, a dentist with a modest practice - are more affected and more risk-averse.

To minimize effects of inherent interruption of services, it is a good idea not to file the bankruptcy motion in the middle of treatment. You may also approach your health care victualer and see if there is a way to minimize costs or build a workable plan to pay for medications and treatment. If the victualer is man you have known for a long time and can trust and would like to allege a connection with in the future, often it helps to be upfront about the difficult financial situation you are in, including the possibility that you will be filing bankruptcy. The doctor or dentist will probably be more comprehension and more willing to work with you if he or she hears about your hardship directly from you, as opposed to a notice from the bankruptcy court.

Keep in mind that if you have to pay for ongoing treatment, medications or any other healing or dental costs, it's ok to make these payments, and it's leading to show all these costs in your bankruptcy petition. Unlike some other expenses, healing expenses are not capped in the calculation of how much you are able to repay creditors. They are proper fully, in case,granted that you can document and clarify them.

One final - last, but not the least - point about healing care. If you have any actual or inherent pre-filing healing debt that you are seeking to discharge, include this facts in the motion even if you are not sure of the amount, even if you are not sure how much insurance would end up covering. Otherwise, if a creditor does not receive proper and timely notice of the bankruptcy filing, you may still be on the hook for the debt.

This situation does come up with some regularity - man has a precious policy or surgery, does not disclose the inherent debt because the bill has not come in or insurance claim has not been settled, files the bankruptcy case. And then the bill does come in - sometimes for thousands of dollars, which one may have to pay because the creditor was not given proper notice of bankruptcy.

If you have health problems and are inspecting filing bankruptcy, save yourself from the unnecessary added sick and fully post your lawyer of your situation and healing costs.

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