ARTICLES MANIAC ? Medical Bankruptcy ? To File Or Not To File?

Medical bankruptcy is becoming a clear and present danger these days, what with the prevalence of unhealthy diets and sedentary lifestyles jeopardizing the quality of life of people around the world. Somebody who is unable to report to work due to a serious illness will likely be stymied by an unexpected medical expense. And even if the individual has health insurance, this may not circumvent such a precarious situation. Medical bankruptcy may be treated with a bit more sympathy by some courts, depending on the situation of the individual.

Examples of Groups Filing for Medical Bankruptcy

The age group most vulnerable to medical bankruptcy would be seniors, people aged 65 and above, as they are more prone to illness than younger individuals. Obviously, we all know that as the body ages, it becomes more susceptible to illness and disease. This makes it inevitable that as we get older and can longer work to pay the bills, we may be faced with medical bankruptcy in the case of a serious illness, if we have not taken preventative measures prior to the diagnosis.

Young single mothers are another group of individuals who have a better chance than most of filing medical bankruptcy. In the event a woman and her children are abandoned by the father of the children, and the man refuses to pay for child support, the onus is on the mother to pay for all the family?s expenses. Anybody who has a sick child would know that this is a very tough dilemma to be in, and if the mother herself is sick, then there would not be anybody else to make ends meet for the family and take care of the bills.

Employees who earn low wages are yet another group who might likely find themselves in danger of medical bankruptcy. There are some people whose skills and/or education level may prevent them from holding higher-paying jobs, so when unexpected medical expenses come up, it can be especially challenging to make ends meet for the entire family. As mentioned earlier, if one does not have a college or even a high school diploma, or if he is lacking in practical skills, these may be extenuating factors when courts decide on a bankruptcy filing, though this is not always the case.

If a medical institution is not willing to provide enough leeway to an individual for settlement of medical bills, they may be forced to file for medical bankruptcy instead. Cases such as these have risen steadily over the years, and are now quite a common occurrence in bankruptcy courts around the country. Sometimes the only recourse for an individual would be to file for medical bankruptcy, which is hardly surprising considering the fact that the cost of being hospitalized does not seem to be going down in most parts of the country.

You may fall into one of the above groups, and if you do, then it is recommended that you consider filing for medical bankruptcy as a final recourse to ameliorate your financial woes. This bankruptcy is normally seen in a more sympathetic light than others by the courts and lenders, since the circumstances are generally unforeseen and unavoidable.

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Source: http://articles-maniac.tk/medical-bankruptcy-to-file-or-not-to-file/finance/

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