Medical debt continues to fuel bankruptcy filings across America

Medical expenses are a leading contributor to American bankruptcy filings.

2014-03-14

March 14, 2014 (Press-News.org) Medical debt continues to fuel bankruptcy filings across America

Article provided by Robert E. Bardwell, Jr. Attorney at Law
Visit us at http://www.ohiobankruptlaw.com

Though the recently enacted Patient Protection and Affordable Care Act (PPACA) will hopefully increase the number of Americans having the benefit of comprehensive health insurance, industry experts are mixed on what impact that will have on our nation's medical debt concerns. Medical expenses have skyrocketed in recent years in spite of advances in technology and pharmaceuticals that - theoretically - should have made treatment affordable for more people.

Why has this issue become so prevalent?

The growing amount of medical debt, our nation's aging population (along with medical breakthroughs that are making once-fatal conditions treatable and increasing life spans) and the recent recession that has lowered the income base for countless families have created a proverbial perfect storm of unmanageable debt that is fueling bankruptcy filings across the country. While it is true that bankruptcy filings have slowed as the economy has recovered, the fact remains that medical debt is a key factor for more than half of the people seeking bankruptcy protection each year.

Will widespread insurance coverage help?

An estimated 75 percent of the people whose medical expenses have driven them to bankruptcy have health insurance. Nevertheless, high premiums, unwieldy deductible amounts, uncovered treatments, prescription medications, over-the-counter supplements, specialist visits, out-of-network care and medical equipment costs are still too much for them to financially bear.

Some feel that the PPACA will change that, making medical expenses affordable enough for everyone who needs care. Others are afraid that, after examining coverage data for plans available through the federal HealthCare.Gov exchange and state-level insurance exchanges, that deductibles and low coverage amounts might actually make the problem of unmanageable medical debt worse.

Is bankruptcy a universal solution?

No matter what your unique financial situation, it is possible that one or more of the categories of federal bankruptcy protection could help you take control of your finances. If you have a steady income and can commit to a regular payment schedule, Chapter 13 bankruptcy might be a good fit for you. This kind of bankruptcy organizes your covered debts (some payments, like tax debt, most student loans and child support arrearages are generally not dischargeable in bankruptcy) into one single debt that you make monthly payments toward for a set time. At the end of the repayment period, remaining eligible debt will be discharged.

Chapter 7 works differently, but the end result is the same: you can get off to a fresh financial start. Chapter 7, instead of having you make monthly payments, will provide faster and less rigorous debt discharge. It is harder to qualify for Chapter 7 bankruptcy, though, and you must meet certain income criteria to be eligible. As in Chapter 13, some debts cannot be discharged with a Chapter 7 filing.

Do you need financial help?

No matter what your unique financial situation is, there are likely ways to get your debt under control. By working with an experienced bankruptcy attorney, you will learn about debt management or discharge options that can free you from creditor harassment, relieve your debt-related stress and get you back on the right financial path.

ELSE PRESS RELEASES FROM THIS DATE:

Lesser charge of assault was appropriate where man was intoxicated

2014-03-14

Lesser charge of assault was appropriate where man was intoxicated Article provided by George F. Hildebrandt, Attorney at Law Visit us at http://www.georgehildebrandt.com When you are charged with a crime such as assault, the difference between first-degree assault, a felony, and third-degree assault, a misdemeanor, can have a significant effect on the penalties involved. Each defined element of a crime is crucial to determining what level of offense can be established, and if some element of the crime cannot be proven beyond a reasonable doubt, a lesser sentence ...

Close relationship made grandparent visitation in child's best interest

2014-03-14

Close relationship made grandparent visitation in child's best interest Article provided by Donaldson Stewart, P.C. Visit us at http://www.donaldsonandassociateslaw.com Under Arizona law, a grandparent may receive visitation rights with a child whose parents have been divorced more than three months, whose parents were never married, or if one of the parents is deceased, provided the court finds such visitation in the best interests of the child. To determine if visitation is in the child's best interests, the court considers a number of relevant statutory factors, ...

Geographic restriction on mother's relocation of child was justified

2014-03-14

Geographic restriction on mother's relocation of child was justified Article provided by The Pinak Law Firm, PLLC Visit us at http://www.pinaklawfirm.com Under Texas law, a court can modify an order related to a parent-child relationship, if such a modification would be in the best interest of the child, and the circumstances of the child or parents have materially and substantially changed. The issue of modification may arise when one parent wishes to relocate with a child. However, what if the moving parent was given the exclusive right to determine the child's ...

Colorado court rules accrued leave may be considered marital property

2014-03-14

Colorado court rules accrued leave may be considered marital property Article provided by Frost & Beck, LLP Visit us at http://www.frostbecklaw.com The Supreme Court of Colorado recently ruled that accrued vacation and sick leave related to employment may by considered marital property to be included in the division of assets upon divorce. However, the court emphasized that a spouse with such accrued leave must have an "enforceable right" to receive a financial payment corresponding to the leave. With respect to the specific divorcesettlement being ...

Large settlement for a Texas officer in race discrimination case

2014-03-14

Large settlement for a Texas officer in race discrimination case Article provided by Law Office of G. Scott Fiddler, P.C. Visit us at http://www.fiddlerlaw.com An African-American police chief, who lost his position as a result of racial issues, has reportedly settled an employment discrimination lawsuit against the city of Jasper, Texas, and others for approximately $831,000. Some say the settlement is one of the largest of its kind in East Texas. According to the lawsuit, the mayor of Jasper, as an owner of a local radio station, utilized the former police ...

Hotel could be liable for slip-and-fall accident on adjoining sidewalk

2014-03-14

Hotel could be liable for slip-and-fall accident on adjoining sidewalk Article provided by Heller LaChapelle, APC Visit us at http://www.seriousinjury.org If an individual is injured due to a dangerous condition on a property, the owner of that property may be held liable. However, there are certain circumstances under which a landowner might even be held liable for injuries suffered in a slip-and-fallaccident on an adjoining sidewalk that the landowner does not own. One of those situations is when the landowner benefits from an alteration to the sidewalk adjacent ...

Maryland and the seat belt defense

2014-03-14

Maryland and the seat belt defense Article provided by The Burch Law Firm, LLC Visit us at http://www.burchandvoss.com Recently, Maryland State Police reported than one woman was killed and another seriously injured in separate accidents on Interstate 70; the accidents occurred within 24 hours of each other. In one accident, a 50-year-old Cumberland woman was thrown through a rear window of a sport utility vehicle. She was pronounced dead at the scene. Hours later, a 32-year-old man hit an overturned pick-up truck near the Sharpsburg Pike exit. He survived, but ...

As winter fades in New York, the risk of slip and fall injuries remains

2014-03-14

As winter fades in New York, the risk of slip and fall injuries remains Article provided by Lozner & Mastropietro Visit us at http://www.lmlawnyc.com According to the National Safety Council, roughly 8.9 million emergency rooms visits each year can be attributed to falls - making it the leading cause of unintentional injuries in the U.S. Unfortunately, not only are slip and fall accidents common but potentially severe, with injuries ranging from mere bruises and sprains to broken bones and head wounds. Sadly, in cities such as New York, the problems associated ...

Parent was not obligated to pay college expenses for adult son

2014-03-14

Parent was not obligated to pay college expenses for adult son Article provided by The Oncale Firm Visit us at http://www.thebirminghamdivorceattorney.com Even after a divorce is final, one party may request a modification of child support, based on a change in circumstances. Thus, disputes over support may continue long after a divorce is settled. One issue that may lead to a later dispute is payment for a child's education. For example, under Alabama law, could a parent be asked to pay for a minor child's college education past the age of majority? The Alabama ...

The basics of Connecticut child support law

2014-03-14

The basics of Connecticut child support law Article provided by Law Offices of Doris D'Ambrosio Visit us at http://www.dorisdambrosiolaw.com When someone becomes a parent, his or her life changes in many ways. But one unwavering fact is established: the duty of that mother or father to support his or her child financially until the son or daughter reaches adulthood. In Connecticut, the law emphatically makes this moral duty a legally enforceable one. "Child support" is the regular payment of money from one parent to the other to help pay for the child's ...

Medical debt continues to fuel bankruptcy filings across America

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: