Medical bankruptcy is becoming a clear and present danger these days, what with the prevalence of unhealthy diets and sedentary lifestyles jeopardizing the quality of life of people around the world. Somebody who is unable to report to work due to a serious illness will likely be stymied by an unexpected medical expense. And even if the individual has health insurance, this may not circumvent such a precarious situation. Medical bankruptcy may be treated with a bit more sympathy by some courts, depending on the situation of the individual.
Types of Groups who File for Medical Bankruptcy
The age group most vulnerable to medical bankruptcy would be seniors, people aged 65 and above, as they are more prone to illness than younger individuals. Obviously, we all know that as the body ages, it becomes more susceptible to illness and disease. This makes it inevitable that as we get older and can longer work to pay the bills, we may be faced with medical bankruptcy in the case of a serious illness, if we have not taken preventative measures prior to the diagnosis.
Another group which is likely to file for medical bankruptcy is that of young single mothers. If their spouses have abandoned them and their children, and do not pay any child support, the mother will be left to pay these high expenses by herself. It is a difficult situation for any parent who has a sick child to care for, and if it is the parent who is sick herself then there will be no one to earn the money to pay the bills.
The third group of individuals who are quite prone to filing for medical bankruptcy are lower-income employees. At times it may be difficult to find jobs that can support all of a family's needs, so finding the money for unexpected medical bills can be a nearly impossible task for this group. Poor education and lack of practical skills can be attributing factors to this problem, and will require further investigation when the time arises.
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.
You may fall into one of the above groups, and if you do, then it is recommended that you consider filing for medical bankruptcy as a final recourse to ameliorate your financial woes. This bankruptcy is normally seen in a more sympathetic light than others by the courts and lenders, since the circumstances are generally unforeseen and unavoidable.
Types of Groups who File for Medical Bankruptcy
The age group most vulnerable to medical bankruptcy would be seniors, people aged 65 and above, as they are more prone to illness than younger individuals. Obviously, we all know that as the body ages, it becomes more susceptible to illness and disease. This makes it inevitable that as we get older and can longer work to pay the bills, we may be faced with medical bankruptcy in the case of a serious illness, if we have not taken preventative measures prior to the diagnosis.
Another group which is likely to file for medical bankruptcy is that of young single mothers. If their spouses have abandoned them and their children, and do not pay any child support, the mother will be left to pay these high expenses by herself. It is a difficult situation for any parent who has a sick child to care for, and if it is the parent who is sick herself then there will be no one to earn the money to pay the bills.
The third group of individuals who are quite prone to filing for medical bankruptcy are lower-income employees. At times it may be difficult to find jobs that can support all of a family's needs, so finding the money for unexpected medical bills can be a nearly impossible task for this group. Poor education and lack of practical skills can be attributing factors to this problem, and will require further investigation when the time arises.
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.
You may fall into one of the above groups, and if you do, then it is recommended that you consider filing for medical bankruptcy as a final recourse to ameliorate your financial woes. This bankruptcy is normally seen in a more sympathetic light than others by the courts and lenders, since the circumstances are generally unforeseen and unavoidable.
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