Perhaps you are unaware or maybe you have indeed heard the statistic that 50% of all personal bankruptcies are caused due to medical bills. Often, far too often the folks actually had medical insurance, but the co-pays, deductibles or items not covered exceeded the ability of the patient or the patient?s family ability to pay. Most of these medical debtors were not lower class, rather middle class. The upper middle and upper class was able to weather the storm and onslaught of medical bills much easier. This tells us one thing, it tells us that the healthcare system is out of control and completely broken.
Source: blogspot.com
Video: Al Franken on medical bankruptcy
The Affordable Care Act and Medical Bankruptcy
In the short-term, the ball is in Minnesota?s court. According to rules issued by HHS, states will be responsible for determining whether or not the ACA-mandated exchanges will be ?active purchasers? or an ?open marketplace.? Exchanges that are active purchasers will be able to extract concessions from insurers while an open marketplace allows all insurance plans that meet the ACA?s requirements to be sold on the exchange. By being aggressive and establishing an active purchasing exchange that can negotiate for low deductibles and larger benefits, Minnesota can control costs and prevent some medical bankruptcies.
Source: mn2020hindsight.org
Medical costs, not poor savings habits, most often lead to bankruptcy
Should your readers be concerned about how vulnerable they, or a friend, neighbor, or family member might be to bankruptcy? The lead author of the Harvard study, David Himmelstein, said, ?for middle-class Americans, health insurance offers tiny protection. Most of us have policies with so many loopholes, co-payments, and deductibles that illness can put you in the poorhouse.? He continued, ?unless you?re Warren Buffett, your family is just one serious illness away from bankruptcy.?
Source: medblits.com
Is Medical Debt Really The Leading Cause of Bankruptcy?
Finally, PolitiFact looked to a 2011 report from the Institute for Financial Literacy. That organization surveyed bankruptcy filers and found that just over 70 percent reported that being ?overextended on credit? was one of the leading causes of their financial troubles. By comparison, only about 31 percent blamed illness or injury.
Source: spivacklaw.com
Health Insurance May not Prevent Medical Related Bankruptcies
?Medical expenses have made up a significant number of bankruptcies for almost twenty-five years,? said Tampa bankruptcy attorney, Reginald Osenton of the Osenton Law Offices. ?With more high- deductibles or employers shifting to higher deductible group health plans to save money, a lot of people with health insurance are still at risk of hitting financial hardship.?
Source: lawfirmnewswire.com
Small business bankruptcies decline in 2Q
To help preserve assets in corporate bankruptcy, hiring the services of an allied bankruptcy lawyer is indispensable. Different law firms are available to represent corporations that are in financial difficulties. The owners would do well to study these firms and obtain proper referrals before deciding which law firm would be best suited to handle their case. Insolvency happens to be the most complex areas of law in the US, and the attorneys handling allied insolvency should be one of the most experienced to find a way through the laws. The attorney lawyers may have to deal with real estate laws, allied laws, tax laws, and contract laws when filing. If the bankrupt company owns real estate or has other possessions, then hiring a corporate insolvency lawyer assumes a higher importance for preserving these assets. Another reason for the requirement of a lawyer is the accurate paperwork that is required by the courts could be handled adequately by an experienced lawyer. Even during insolvency, the tendency of the firms will be to continue with normal business and make profits to be able to meet the payment plans agreed to in the court. Therefore, the organization must devise a plan that assures the court of payments towards the debt owed and at the same time have enough leeway to conduct meaningful business. The best way this can be done for corporates is by filing a petition under chapter 11. There are other chapters meant for people other than businesses. Chapter 7 and chapter 13 are for individuals who are bankrupt and chapter 12 is for bankrupt farmers. A decline in revenue may lead to a corporate running into losses and liabilities that it finds difficult to repay. An allied insolvency attorney can advise the organization how best to approach the court. He can also inform which business practices will be likely to take the firm out of the path of the creditors. In this line of approach, the corporation may heed to hire allied accountants as experts to plan its business practices for betterment of revenues. The downturn could be due to a sudden loss in revenue, due to which, the company finds it difficult to pay its creditors and other suppliers. At such times, creditors may find the company selling off possessions to pay debts and decide to force the company into filing for insolvency. In such emergencies, corporate business liquidation attorneys can help with the filing, to stop creditor harassment. Different states in the US have differing laws and it is important that the attorney representing the firm should be well versed in the differences. He should practice in the same state in which the petition will be filed, since this will be an important part of the representation. One of the major decisions when devising a plan with the courts is the distinction between secured and unsecured assets of the debtor. A secured debt is connected to possessions such as property. Unsecured assets are similar to credit card debts that are not backed up by possessions. Dealing with secured debts is a much more complicated issue since the assets may be tied up with other loans and liens. The allied liquidation attorney generally arranges for a debt settlement plan, to repay the debts that the corporate can manage with the current financial situation. Under chapter 11, the organization has the permission to continue its normal functioning, and maintain control of its assets. Meanwhile, the liquidation attorney helps the organization to reorganize its debts. The court usually allows the company a 120-day period to come up with a viable plan with which to settle its debts. If this fails, the creditors can come up with their plans, which the company then, has no choice but to follow.The Bankruptcy Attorney will definitely help those people if they have filed for bankruptcy so that, the common people do not get over burdened with the debt which will be impossible for them to pay back. Click here for Bankruptcy lawyer Click here for http://www.voklaw.com/site/Bankruptcy-Attorney-Sacramento.php for Bankruptcy lawyer Source: abcarticledirectory.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com
Source: medicalbankruptcyco.com
Related posts:
- Personal finance articles: Explain Medical Bankruptcies Up
- Finance Money Monitor: Explain Medical Bankruptcies Up
- Small business bankruptcies decline in 2Q
- Medical bills cause 62 percent of bankruptcies
- Living the California debt based dream ? adjustable rate mortgages and bankruptcies. Bankruptcies in California increased 557%
Source: http://medicalbankruptcyco.com/accoutancy-and-finance-articles-how-to-medical-bankruptcies-up/
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