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Thread: Another serious question for the pros here - medical related

  1. #11
    Administrator boozeman's Avatar
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    Quote Originally Posted by UncleMilti View Post
    File bankruptcy over 20k in medical bills?

    Jesus Schmitty....I'm glad you aren't my lawyer.
    Well, he is trying to drum up business for his specialty.

    If you do in fact go that route...How many assets do you have? Chapter 7 will involve you liquifying any assets you have to pay off your debts. Chapter 13 will let you reorganize your debt to a manageable payment plan over 3-5 years, but also ties up all your disposable income..

    If you had 200K in medical bills, you could possibly need to look at something like that. Not 20K.
    It really depends if the 20K is the tip of the iceberg and in a short period of time. If that is all, you are right. There are other options like taking out a loan, where you won't have collections on your ass in a heartbeat and can string up a structured payment plan. But if that 20K will grow several times in size in the next few months, it can snowball.

    20K might not mean much to Mr. Money Bags like yourself, but to some folks, that is not a drop in the bucket.

    Work out a payment plan...the new FICO 9 scoring methods now count unpaid or collection medical bills as less of a factor on your total credit score.

    As long as you are paying something towards the debt, theres not much the Dr or hospitals can, or will do.
    Pretty much. If you are willing to allow some damage to your credit, they can't do shit but blow up your phone and have grubby collections people sending you nasty letters.

  2. #12
    El Other Presidente' UncleMilti's Avatar
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    Quote Originally Posted by mschmidt64 View Post
    Obviously I wasn't giving him the entire picture with my two word answer, Unk.

    But depending on income level and assets it's absolutely worth it to consider filing bankruptcy for 20k.
    I can't say your wrong....I can only say that most attorneys I have talked to suggest that bankruptcy over medical bills is usually not a wise idea simply because its usually very easy to work out a payment plan with the providers-unless of course you simply have absolutely no way to pay for it, nor have any assets to your name. But in that situation, theres nothing they can get anyways, and at least you don't have a BR on your credit for 10 years.

    I have several friend who are Dr's, and many of them have a program in place to allow patients to make payments. They give them a packet that explains how the program works if for some reason they run into an issue where they can't pay. Carl would fit perfectly in this program.

    The program is great because the Dr isn't paying attorneys and debt collectors to go after these patients who all of a sudden skip out on the services. They even make 2-4% on the money..even if it takes them a few years to get the money, they still come out ahead.

  3. #13
    Senior Member Clay_Allison's Avatar
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    poor people in Texas usually make token payments until the hospital writes off the debt.

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  5. #14
    Senior Member L.T. Fan's Avatar
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    Good grief folks. It's a financial responsibility. At least try to take care of it. As I initially said go to the ones who you are indebted to and discuss a plan whereby you can reasonably and honorably discharge your debt. There are no short cuts other than refusing to acknowledge your responsibility. In almost every instance you can agree on a program that everyone can live with. If you stay with the agreed on program it will not adversely affect your credit.
    Since Day One

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  7. #15
    Senior Member mschmidt64's Avatar
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    Bankruptcy is in the constitution.

  8. #16
    Senior Member L.T. Fan's Avatar
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    Quote Originally Posted by mschmidt64 View Post
    Bankruptcy is in the constitution.
    I am not saying it isn't. It is a program of relief when there is no other reasonable alternative. It is not a substitute for responsibility.
    Since Day One

  9. #17
    Senior Member mschmidt64's Avatar
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    Quote Originally Posted by L.T. Fan View Post
    I am not saying it isn't. It is a program of relief when there is no other reasonable alternative. It is not a substitute for responsibility.
    Yeah, but that last part is where you are wrong. There is nothing anywhere that dictates levels of responsibility. Anyone can file for any reason as long as they are prepared to live with the consequences of what happens to their assets and income beyond the exemption limits.

    The bit about personal responsibility is simply a judgment on your part.

    How about lenders acting responsibly? I came into this field at the height of complete financial irresponsibility undertaken by lenders and encouraged by the US Government. I have no problem giving them the finger because if they tightened their lending standards it would actually probably be better for the economy as a whole.

    Hey, they lent money to someone who can't pay it back because they have no assets to liquidate.... maybe they should look into the mirror about being responsible. If they did so because they were motivated by making money off high interest rates, well, they knew the risks, don't expect me to feel bad. Should have checked your desire to make money off interest at the door before handing out free checks. I call that charity.
    Last edited by mschmidt64; 08-02-2015 at 09:16 PM.

  10. #18
    Senior Member mschmidt64's Avatar
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    Quote Originally Posted by UncleMilti View Post
    I can't say your wrong....I can only say that most attorneys I have talked to suggest that bankruptcy over medical bills is usually not a wise idea simply because its usually very easy to work out a payment plan with the providers-unless of course you simply have absolutely no way to pay for it, nor have any assets to your name. But in that situation, theres nothing they can get anyways, and at least you don't have a BR on your credit for 10 years.

    I have several friend who are Dr's, and many of them have a program in place to allow patients to make payments. They give them a packet that explains how the program works if for some reason they run into an issue where they can't pay. Carl would fit perfectly in this program.

    The program is great because the Dr isn't paying attorneys and debt collectors to go after these patients who all of a sudden skip out on the services. They even make 2-4% on the money..even if it takes them a few years to get the money, they still come out ahead.
    That is true, medical bills are usually the easiest to negotiate settlements for, or to come up with reasonable payment plans.

  11. #19
    Senior Member L.T. Fan's Avatar
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    Quote Originally Posted by mschmidt64 View Post
    Yeah, but that last part is where you are wrong. There is nothing anywhere that dictates levels of responsibility. Anyone can file for any reason as long as they are prepared to live with the consequences of what happens to their assets and income beyond the exemption limits.

    The bit about personal responsibility is simply a judgment on your part.

    How about lenders acting responsibly? I came into this field at the height of complete financial irresponsibility undertaken by lenders and encouraged by the US Government. I have no problem giving them the finger because if they tightened their lending standards it would actually probably be better for the economy as a whole.

    Hey, they lent money to someone who can't pay it back because they have no assets to liquidate.... maybe they should look into the mirror about being responsible. If they did so because they were motivated by making money off high interest rates, well, they knew the risks, don't expect me to feel bad. Should have checked your desire to make money off interest at the door before handing out free checks. I call that charity.
    They are lenders not parents. They expect to be paid.
    Since Day One

  12. #20
    Senior Tech dallen's Avatar
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    The thing with medical debt is that the costs are so insane that unless you are seriously rich, like 7 figure income, even with insurance there is no way any one could afford to pay for an ongoing medical condition.

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