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DID YOU KNOW?

In a 2009 Study published in the The American Journal of Medicine they found:

  • - 62.1 percent of the bankruptcies were medically related because the individuals either had more than $5,000 (or 10 percent of their pretax income) in medical bills
  • - On average, medically bankrupt families had $17,943 in out-of-pocket expenses.
  • - Three-quarters of the people with a medically-related bankruptcy had health insurance.

Mecial Bankruptcy

The term "Medical Bankruptcy" is not a term found in the world of finance. However, in the world of bankruptcy a bankruptcy occurring due to medical problems is sometimes termed a "Medical Bankruptcy". Health care is known to be one of the top reasons for bankruptcy in the United States. Several recent study's have shown a link between medical debts and bankruptcy.

Currently, bankruptcy is bankruptcy, and whether you are filing due to a divorce, credit card debt, foreclosure, or medical expenses, it is all the same. The bankruptcy code does not distinguish between debtors driven into bankruptcy by medical bills and those who become insolvent due to other reasons. There is currently legislation pending in congress to help those who face bankruptcy due to medical debts and to create a class of bankruptcy called Medical Bankruptcy.

Medical debts are unsecured debts, so there's no collateral available, which the creditors can repossess. However, the medical debt can be tied to collateral, and the insurance company may be able to garnish your wages, or claim a part of equity in a home, in case a bankruptcy filing protection is not availed.

The Law Office of Douglas Barrett, LLC has helped hundreds of clients over the years deal with medical bankruptcy. May times the medical debts are the crippling debt that pushes a family into bankruptcy. We offer a Free Consultation to families dealing with overwhelming medical debts.

Disclaimer: The information contained on this page is provided for general information purposes only and is not intended to be a legal opinion, legal advice or a complete discussion of the issues related to the area of consumer bankruptcy. Every individual's factual situation is different and you should seek independent legal advice from an attorney familiar with the laws of your state or locality regarding specific information.