If we hear the word ?bankruptcy? the first thing that we think about is being out of business. Bankruptcy could be a source of shame for a person. That is why it is surprising to know that one of the major reasons for filing for bankruptcy is because of unpaid medical bills. The economy right now is very hard, that is why when we get sick, we sometimes cannot pay or hospitalization expenses or medical bills. We go into debts that we cannot get out of. For most people who experienced this, they find that filing medical bankruptcy is the best solution. The first thing we need to know is how to file for medical bankruptcy.
Medical Bankruptcy
Medical bankruptcy is not considered as a part of legal terminology. Most people just got used to using this term to show why people file for bankruptcy. The reason for this bankruptcy is the medical expenses incurred by a person when he or she was hospitalized due to various reasons. The medical insurance was not enough to cover the expenses so the person was left with piles of debts.
Medical Bankruptcy Rules
There are really no clear medical bankruptcy rules. The unpaid medical bills can be applied for discharge or restructuring. The formal terms that they use are the Chapter 7 and Chapter 13 of the Bankruptcy Law. The Chapter 7 bankruptcy states that your debts will be completely forgiven including medical bills. However, the downside of this is it will remain in your credit report for the next ten years. This will adversely affect your credit standing.
The Chapter 13 bankruptcy is court supervised. The court will help in restructuring your loans or debts. This will protect the debtor from future lawsuits asset loss due to the financial inability to pay the debts. Chapter 13 remains in your credit report for 7 years.
Filing for Medical Bankruptcy
The next thing to know is how to file for medical bankruptcy. You will need to make a detailed list of all the creditors you are indebted to. You should write the address, account number and total amount owed. Arrange your pay check stubs and federal tax returns for three years. Gather all the account statements you own including savings or checking accounts. You need to decide what kind of bankruptcy you will file for. Fill in the forms needed to file for medical bankruptcy. Accomplish all the necessary documents and bring it to the clerk of bankruptcy for filing. Make sure that you have one extra copy of all the documents you sent to the clerk.
Learning how to file for medical bankruptcy is not an easy step to take alone, it is wise that you get a bankruptcy attorney that can guide and advise you. Find a medical bankruptcy lawyer from a reputable law firm. The medical bankruptcy attorney will explain to you in detail what is happening in a medical bankruptcy procedure. He will have to make sure that you are well versed in the proceedings.
hanley ramirez blago mumia abu jamal mumia abu jamal pearl harbor alec baldwin alec baldwin
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.