Understanding Medical Bankruptcy

Most people are surprised that failures of approximately $ 1,500,000, which this year will wind up, 62% of them will be the direct result of medical issues. Even more surprising is the fact that such a declaration of bankruptcy, medical, more than 80% are actually health insurance. Yet they managed to accumulate debts that the medical approach to almost $ 18,000! This is only $ 9,000 less than the amount paid by those who have filed> Bankruptcy due to medical reasons that insurance was no medical.

While $ 18,000 seems a small amount of debt to the failure of part of the problem is the aggressive nature of the medical sector debt collection. If you default on a credit card debt, the chances of being sued actually very bad. More likely is that the lender will work with you to establish some sort of payment plan acceptable.

In contrast, physiciansCollectors seem to prefer litigation. They are often complain, in small claims court for amounts so small that most other lenders would not even have bothered. Since many people with complaints are not used to doing, it is no wonder that many people resort to bankruptcy protection was sought and panic.

What is a medical failure

Technically, there is no such thing as a medical "failure." The only kind ofPersonal bankruptcies are Chapter 7 bankruptcy and Chapter 13 bankruptcy. There is no differentiation of the cause of an error.

In general, however, that failure is classified as a medical bankruptcy a refund reasons, because the medical information. This can lead to disease can be an excess of medical expenses or income loss from through. In some cases, it is also the result of an individual to a second mortgage to covertheir costs. When medical problems were the direct cause of the error can be defined as a medical failure.

The Medical Bankruptcy Fairness Act of 2008

An act was introduced in 2008 in Congress that they believed would be failure to make a legal distinction for medical. This bill would exempt $ 250,000 property value reasons for filing bankruptcy because of health. It would also eliminate tothe means test for bankruptcy because of human diseases. This means that many people with debts, which are now 13 chapters forced medical situation would be the 7-file for chapter. The law also provides some relief for family caregivers of seriously ill patients.

Source: http://finance-bankruptcy-medical.chailit.com/understanding-medical-bankruptcy-2.html

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