The Difficulty In Medical Bankruptcy

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The Difficulty In Medical Bankruptcy Powered By Docstoc
					Presented by Daniel Toriola
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The Difficulty In Medical Bankruptcy By Simon Peters

As the world becomes more and more unhealthy, medical bankruptcy becomes more likely as people fight to cure various diseases and ailments associated with their lifestyle. Unforeseen medical bills can also wreak havoc on individuals that are unable to work while they are seriously ill. This may also be the case for individuals who have health insurance. Medical bankruptcy may be treated with a bit more sympathy by some courts, depending on the situation of the individual. Examples of Groups Filing for Medical Bankruptcy People who are 65 and over are more likely to suffer from medical bankruptcy than younger and healthier age groups. It goes without saying that the body becomes more prone to illness the older that we get. 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. Low wage earners are another group that may find themselves filing for medical bankruptcy. 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. Some people will file for medical bankruptcy simply because the medical systems are not willing to work out any payment schedules for them to repay their debts. Cases such as these have risen steadily over the years, 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.

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If you fall into any of these categories, you may find the claiming medical bankruptcy is the best choice for you to get out from under the weight of your bills. 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. Simon Peters is the owner of http://on-bankruptcy.com, it is THE best source for advice on the subject on bankruptcy, nothing to sell, just information . . .

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5 Things You Should Know Before Considering Bankruptcy By S. Kate Hobbs

Before ever considering bankruptcy, there are some things you have to consider. The first thing is that bankruptcy is something that has very dire consequences. The consequences are so dire that you may find it difficult to obtain credit for the next 10 years. If you do obtain credit, then there are certain circumstances that come with it. Bankruptcy is not an easy out. It is impossible for something to be that easy for the fact that the government is basically giving you permission to not pay your debts. And you know that that is something that doesn't make you pay in some way. So what are some things you should know before considering bankruptcy? Well, here are five of those things that you need to know: - When you file bankruptcy, you have to go into a credit counseling program. You have to complete that credit counseling program before you ever file bankruptcy. This is because you have to be deemed unable to pay your bills. The credit counselor has to say that there is no hope for you to pay your debt, so bankruptcy is your only option. - When you file bankruptcy, it will remain on your credit report for 10 years. This means that you may have difficulty obtaining credit. Most individuals who have filed bankruptcy are told that they can't get new credit for two years. Some aren't even that lucky. - Having a bankruptcy on your credit report could keep you from getting a job. Many employers are now looking at credit reports to see how an individual handles their finances. They like to see this especially if you are going to be handling money. - If you do obtain credit after filing bankruptcy, you're looking at high fees and high interest rates. This can cost thousands more than if you had good credit. Many individuals try to wait until after their bankruptcy is removed from their credit report. - After the bankruptcy is removed from the credit report, it may still be quite difficult to establish new credit. This is because your record is wiped clean and you have to start over. So what is the best thing to do? Try talking to a credit counseling company and see what they can do for you. Credit counseling counselors can usually work out a deal with your creditors that involve reducing your payment and even stopping interest accumulation. This allows you to pay the debt off faster. If your credit is not bad yet, then you can look into debt consolidation. This allows you to consolidate all of your unsecured debts. If you're not sure what unsecured debts are, they are the debts that are not secured by some sort of collateral. Debt consolidation allows you to combine everything into one debt so that you have one payment that costs less than what the payments did when they were separate. So think about these things before you file bankruptcy. You want to do everything that you can. Even if you have to go into credit counseling, it will affect your credit for a maximum of three years, whereas bankruptcy will affect it for ten. There is a significant difference here. You can be back on your feet

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within 5 years when it comes to credit counseling, but it will take you a decade if you file bankruptcy. And in the case of debt consolidation, you will find that you can actually rescue your credit. You don't have to let it get so bad that you can't do anything. Actually, you can make it to where bankruptcy is not an option at all. Canada Debt consolidation service teaches consumers how to budget, get out of debt, and use credit wisely. Offers a variety of unbiased debt management services and alternatives to help people get their debts under control. http://www.consolidatedcredit.ca

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