April 26, 2013 (Press-News.org) Record-high medical costs fuel bankruptcy filings across the country
Article provided by Michael E. Plummer & Associates
Visit us at http://www.plummerbankruptcy.com
Medical costs have skyrocketed in recent years. In fact, they are one of the three leading causes of bankruptcy filings in America today. Increased premium and medication costs, as well as a stagnant national minimum wage have left many people without coverage and in the precarious position of being only an injury or illness away from financial ruin. Surprisingly, though, even those with medical insurance are at risk of out-of-control debt stemming from deductibles, high co-pays, prescription drug costs, out-of-network treatment and the added expense of specialists.
To add insult to injury, medical debt collectors are known as some of the most persistent and most abusive in the collection industry. The pressure from collectors is another added worry for those already dealing with a medical crisis. There is help, though. Depending on your financial situation, there are options to handle past unmanageable medical debt and steps to take that can prevent a similar situation in the future.
Is bankruptcy right for you?
Bankruptcy is not for everyone. It might be that negotiating with a creditor or setting up a payment plan directly with a medical care provider is the best solution. Other times, though, a bankruptcy is the wisest course of action. Even so, a bankruptcy filing is not to be taken lightly, and should be discussed with an experienced bankruptcy attorney before a final decision is made about whether to seek bankruptcy protection. That being said, it can offer a fresh financial start for someone facing a mountain of medical debt. Sometimes it is even possible for wage garnishments and liens levied in the 90 days before a bankruptcy filing to be repaid to the filer, potentially freeing up much-needed income for payment of essential expenses like utilities and housing costs.
How bankruptcy works
There are different types of personal bankruptcy filings that can offer debt relief to individuals, but most common are under Chapter 7 and Chapter 13 of the U.S. Bankruptcy Code. Both of these plans will offer wide-reaching debt management solutions, but they are different in how they approach debt.
Chapter 7, for example, is commonly known as a "liquidation bankruptcy." It typically involves selling non-exempt assets and using the proceeds to pay creditors. After the payments have been made, any remaining debt is usually discharged, meaning that the financial slate has essentially been wiped clean.
Chapter 13 is different from Chapter 7, but it is still very effective at giving filers relief from crushing debt. It involves consolidating all qualifying debts in to one monthly payment for a set period - usually three to five years - after which leftover debt is forgiven.
Staving off medical debt crises in the future
Theoretically, the national healthcare program that goes into effect in 2014 will cut down on the need for medical debt-inspired bankruptcy filings by ensuring that every American has insurance coverage. That remains to be seen, and only time will tell if the program operates as intended. In the meantime, though, there are several ways to keep medical expenses from spiraling out of control, including:
-Purchasing catastrophic injury coverage with a high deductible -- these policies will kick in once medical bills hit a certain point, usually around $5000 or $10,000, but they offer protection from spiraling debt that can financially cripple a family
-Negotiating payments with the provider -- some hospitals, doctors and clinic systems are willing to negotiate medical expenses to ensure that they receive some payment for their services
-Building up an emergency savings account that can help defray unexpected costs
Getting help now
No matter if medical debt, divorce, job loss or other reasons are influencing your decision to learn more about bankruptcy protection, a local bankruptcy attorney can analyze your debts, give you more information about your options and get you started on the path to improving your financial situation.
Record-high medical costs fuel bankruptcy filings across the country
Unmanageable medical debt has forced many Americans to consider filing for bankruptcy to get a fresh financial start.
2013-04-26
ELSE PRESS RELEASES FROM THIS DATE:
Do not be a victim: Fraudulent claims can bring a business to its knees
2013-04-26
Do not be a victim: Fraudulent claims can bring a business to its knees
Article provided by Dunn Lambert, LLC
Visit us at http://www.njbizlawyer.com
Most Americans are familiar with fraud in one form or another. An individual selling a car alters the odometer to make it appear as if the vehicle has been driven fewer miles. A fake organization collects donations for a made-up cause and absconds to Tahiti with the money. The news also broadcasts frauds on a much larger scale, those involving thousands of people and millions of dollars.
Enron has become a symbol ...
Supreme Court rules on use of of drug-detecting dogs around the home
2013-04-26
Supreme Court rules on use of of drug-detecting dogs around the home
Article provided by Law Offices of David L. Owen, Jr., P.C.
Visit us at http://www.lodopc.com
If you are in your residence and, for whatever reason, are suspected of a drug crime, is it necessary for the police to get a warrant before bringing a drug-detecting dog to the area immediately surrounding your house to test for the presence of drugs? The United States Supreme Court recently decided this issue, which will affect the Fourth Amendment--rights against unreasonable search and seizure--rights ...
Hard-hit Texas cities see increase in credit scores
2013-04-26
Hard-hit Texas cities see increase in credit scores
Article provided by The Ford Law Firm, PLLC
Visit us at http://www.forddebtlaw.com
It is no secret that the American economy has experienced great hardship over the past few years. As people experienced foreclosure and unemployment, credit scores plummeted. But things have started to look up. Although the numbers may be improving as a whole, many Collin County residents may still be feeling the impact of slow economy.
Credit scores on the rise
According to Experian, a credit-reporting agency, there has been ...
ThyroidChange Advocacy Group Aiming to End Patient Suffering Due To Insufficient Treatment Guidelines Achieves 10,000 Signatures Worldwide
2013-04-26
ThyroidChange was created as a result of the success of the petition, "Endocrinologists: Patients With Thyroid Disease Demand Better Care," which was launched in May 2012 and hosted on the Change.org website. The achievement of 10,000 signatures in less than a year is a historic success for a petition of its kind, which advocates for guideline changes in the treatment of hypothyroidism. ThyroidChange points out that current treatment guidelines do not reflect current research and, contrary to their function, keep too many patients sick.
The National Academy ...
San Diego Company iGrad Wins National Award For Financial Literacy Education
2013-04-26
iGrad has received the prestigious Excellence In Financial Literacy (EIFLE) Award from the Institute for Financial Literacy. Presented to the organization at the 2013 EIFLE Awards in Orlando, FL., the award distinguishes iGrad as the Education Program of the Year in Debt Management for its innovative Financial Literacy Program.
"With the escalating student loan debt problems, financial literacy education has become more important than ever before," said iGrad CEO Rob LaBreche. "We take pride in knowing that our Financial Literacy Platform is helping college ...
Ford and Doonan Specialize in Supplying, Installing and Maintaining Only the Highest Quality Air Conditioning Systems Across the Whole of Western Australia
2013-04-26
Ford and Doonan's head office is based in Kardinya, Perth, as is their Commercial Division and Service Department but thanks to the rapidly expanding nature of their business, they now have further showrooms in West Perth, Canning Vale, Joondalup, Mandurah, Osborne Park, Bunbury - plus the latest addition to the chain - a new shop in Midland.
Whilst specializing in ducted air conditioning, which incorporates both ducted refrigerated (reverse cycle) systems and split system air conditioners, Ford and Doonan are also partners with Evaporative World with whom they work ...
Not Your Parents' Summer Camp
2013-04-26
For generations, kids have looked forward to summer camps to experience things they might not find easily accessible in everyday life - sports, academics, leadership, or maybe just a chance to get to know a new group of friends. Colorado Academy Summer Camps takes this concept to a new level this summer with a diverse array of camps that might surprise you.
Sure, Colorado Academy still offers the classic camps many remember fondly from their childhoods - archery, baseball, cooking; academic camps to keep a sharp mind over the long summer months - but there are many that ...
Miss USA Contestants to Walk in Indian Fashion by Parna Ghose of Pure Elegance
2013-04-26
Many Miss USA 2013 contestants and former beauty pageants will walk the ramp in Indian fashion by Parna Ghose of Pure Elegance. The event will be held at 8:00 p.m. on Friday April 26, 2013 in the Grand Ballroom of the famous Ritz Carlton hotel in Washington DC.
The event is organized by Exclusiva Eventi in support of Operation Smile, one of the most prominent charities for children in the world with a presence in over 60 countries. Amongst the models that will walk in Indian fashion from Pure Elegance will include Shannon McAnally - Miss VA USA, Kasey Staniszewski - ...
The Kim 'N' Good Company Show is Asking for Nominations for Mother of the Year for a Special Mother's Day Tribute Episode
2013-04-26
The Kim 'N' Good Company Show on the all-new Digital Crew Network wants your help in finding the mother of the year!
The Kim 'N' Good Company Show is asking for viewers to send in their nominations for mother of the year. Host Kim Kelly recognizes the important job that mothers everywhere do everyday and wants to honor one particular mother this year during her Mother's Day Tribute. If you know a mother who goes above and beyond to provide for her family and you think she deserves to be recognized, send an e-mail outlining why you think your nominee deserves to win. ...
derma e Soothing Oil-Free Moisturizer Wins 2013 Best of Natural Beauty Award
2013-04-26
Better Nutrition Magazine has honored derma e natural skincare with a 2013 Best of Natural Beauty Award for its Soothing Oil-Free Moisturizer with Anti-Aging Pycnogenol . The Best of Natural Beauty Awards recognize the magazine's top beauty picks for healthy skin, gorgeous hair and more.
2013 serves as the sixth annual award year for Better Nutrition Magazine. The publication selects winners by testing and evaluating beauty products in seven categories - anti-aging, bath and shower, body, face, hair, smile and supplements. The awards were announced in Better Nutrition ...
LAST 30 PRESS RELEASES:
Study unexpectedly finds living in rural, rather than urban environments in first five years of life could be a risk factor for developing type 1 diabetes
Editorial urges deeper focus on heart-lung interactions in pulmonary vascular disease
Five University of Tennessee faculty receive Fulbright Awards
5 advances to protect water sources, availability
OU Scholar awarded Fulbright for Soviet cinema research
Brain might become target of new type 1 diabetes treatments
‘Shore Wars:’ New research aims to resolve coastal conflict between oysters and mangroves, aiding restoration efforts
Why do symptoms linger in some people after an infection? A conversation on post-acute infection syndromes
Study reveals hidden drivers of asthma flare-ups in children
Physicists decode mysterious membrane behavior
New insights about brain receptor may pave way for next-gen mental health drugs
Melanoma ‘sat-nav’ discovery could help curb metastasis
When immune commanders misfire: new insights into rheumatoid arthritis inflammation
SFU researchers develop a new tool that brings blender-like lighting control to any photograph
Pups in tow, Yellowstone-area wolves trek long distances to stay near prey
AI breakthrough unlocks 'new' materials to replace lithium-ion batteries
Making molecules make sense: A regional explanation method reveals structure–property relationships
Partisan hostility, not just policy, drives U.S. protests
The Journal of Nuclear Medicine Ahead-of-Print Tip Sheet: August 1, 2025
Young human blood serum factors show potential to rejuvenate skin through bone marrow
Large language models reshape the future of task planning
Narrower coverage of MS drugs tied to higher relapse risk
Researchers harness AI-powered protein design to enhance T-cell based immunotherapies
Smartphone engagement during school hours among US youths
Online reviews of health care facilities
MS may begin far earlier than previously thought
New AI tool learns to read medical images with far less data
Announcing XPRIZE Healthspan as Tier 5 Sponsor of ARDD 2025
Announcing Immortal Dragons as Tier 4 Sponsor of ARDD 2025
Reporting guideline for chatbot health advice studies
[Press-News.org] Record-high medical costs fuel bankruptcy filings across the countryUnmanageable medical debt has forced many Americans to consider filing for bankruptcy to get a fresh financial start.