What goes around comes around ? the unhealthy lifestyles of people worldwide seem to be catching up with them as a lot of people are becoming likely to file for medical bankruptcy as a result of myriad ailments and sicknesses. Unexpected medical bills, which include, but are not limited to hospitalization, can ?stick a fork? in an individual?s budget especially if such disease precludes him from working. Health insurance may not even be enough to save this individual. There may be some courts that would look more kindly towards medical bankruptcy, but this would all be dependent on the medical and financial standing of the individual.
What are the Groups that File for Medical Bankruptcy?
Compared to younger age groups who are in the prime of their health, senior citizens (individuals aged 65 or older) have a better chance of suffering from medical bankruptcy. It goes without saying that the body becomes more prone to illness the older that we get. Be that as it may, as we advance in age and have to work longer and harder to keep up with the bills, medical bankruptcy might be the end result of our toil and sacrifice if preventative action was not taken prior to falling sick.
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.
Fourth, there are some people who file for medical bankruptcy as a reaction to what they feel is a lack of attention given to their needs for a unique payment schedule to repay medical expenses. There is an increase over the years in cases such as these, and are now quite a common occurrence in bankruptcy courts around the country. Since many folks do not have large amounts of money readily available to pay mounting hospital costs, the only choice for some is to declare medical bankruptcy.
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://www.allloansfast.com/should-you-consider-filing-for-medical-bankruptcy/
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