Missouri Illinois Bankruptcy Attorney Foreclosure Reposession of Car

How We Can Help you

Bankruptcy Blog

Library

Castle Law Office Bankruptcy News for Missouri & Illinois | Castle Law Bankruptcy Current Events

How Could The Medical Bankruptcy Fairness Act Help?

Currently, the Medical Bankruptcy Fairness Act is an amendment to the health care bill and could soon be a stand-alone bill. But what would this act mean for those facing financial difficulty due to medical bills, and what would this act mean for taxpayers?

The Medical Bankruptcy Fairness Act would make it somewhat easier for families facing bankruptcy because of a medical emergency to go through the bankruptcy process and return to their lives. The act has come into the spotlight after a recent study that appeared in The American Journal of Medicine revealed that 62 percent of bankruptcies involve medical bills and that even families with thorough health care coverage can go bankruptcy during a medical emergency because of copays, premiums, deductibles, lost wages, and other related reasons.

Under the new act, those declaring bankruptcy because of a medical emergency would not have to attend the same mandatory credit counseling sessions that others must pay for – since the sessions are meant for those who do not have a satisfactory understanding of finances, they are not geared for and are sometime insensitive toward those who have declared bankruptcy because of a sick loved one. The act would also make the process easier, give the filers greater flexibility and give filers a better chance of keeping their home.

In theory, the new act would not cost the taxpayers anything – it would simply create a slightly different bankruptcy process for those who have survived medical emergencies, but who have not survived financially intact.

Read More About How Could The Medical Bankruptcy Fairness Act Help?...

back to top

Got A Question?

News

FAQs