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.
Types of Groups who File 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.
The third group of individuals who are quite prone to filing for medical bankruptcy are lower-income employees. At times it may be difficult to find jobs that can support all of a family?s needs, so finding the money for unexpected medical bills can be a nearly impossible task for this group. Poor education and lack of practical skills can be attributing factors to this problem, and will require further investigation when the time arises.
Some people will file for medical bankruptcy simply because the medical systems are not willing to work out any payment schedules for them to repay their debts. More and more people are opting for this method, as a lot of bankruptcy courts are reporting an increase in the number of people who decide to ?take it? to the medical system in such a way. A lot of people do not have money on hand or a large enough nest egg to handle the rising cost of hospitalization, which is the reason why declaring medical bankruptcy is usually their best choice available.
If any one of these four groups reminds you of your situation, then it may be your best option to claim medical bankruptcy as a means to extricate yourself from the burden of paying ever-increasing bills and debts. This is a type of bankruptcy that is typically commiserated on more by the courts and lenders, as a lot of the circumstances surrounding these filings would be beyond one?s control or scope of foresight.
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Source: http://ikebonusandreviews.com/finance/2012/03/medical-bankruptcy-to-file-or-not-to-file/
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