10 ways to protect your self from bankruptcy caused by prolonged illness.
Accidents and prolonged sickness can be a drain both emotionally as well as financially. Sometimes money crunch is caused by the inability to hold a job, or when the medical bills escalate and it becomes increasingly difficult to balance expenses. Further, medical insurance may prove insufficient or will not cover long term medications. Life has become such that one needs to think about and plan for any eventuality. Experts recommend the following: 1. Ask your doctor for samples of medication. 2. Often an older drug is effective and cheaper. Request the doctor to write a prescription for a drug that is more affordable. According to studies you can save up to 75% this way. 3. Find out the generic name of the medication and choose to purchase it instead of branded medication —the saving can amount to as much as 70%. 4. Very often companies sell higher dosages of medication for a marginally higher cost. Be prudent, buy the higher dosage and spilt the medication in half, one-third, or quarters. The savings you can make are almost 50 %. 5. Order 90-day supplies in bulk from discount mail order pharmacies or online services. The savings are considerable and many doctors help long term patients reduce costs by putting the patients in touch with distributors. 6. If a particular medication is very expensive ask the doctor to recommend a substitute. This is known as therapeutic substitution. 7. Do try comparison shopping. You will find that the same medication is priced differently in local pharmacies, online outlets, and chain stores. Online pharmacies like http://www.walgreens.com/, www.costco.com , or http://www.drugstore.com/ offer medications at affordable prices. 8. There are several patient-assistance programs that offer free or discounted medication to those who cannot afford long term illness. Companies like Merck have programs that benefit uninsured patients. Medicines are given at discounts of 10-40%. 9. If you or a family member travels frequently you could buy your medicines abroad. Often the same medicine manufactured by the same company is much cheaper overseas. One can also order medicine by mail from Canada where medicines cost 30-50% less than the US. But do check the laws before you attempt this. 10. Start a health saving account where you can save pre tax dollars towards unforeseen medical expenses. This has a high deductible. Find out if you or other family members are eligible. Use an insurance broker who always thinks of you. He must keep you updated on all new developments as far as health schemes are concerned and make sure you reap all the benefits of the insurance scheme. You could also consider a critical illness policy in addition to a regular health insurance. Paul Wilson is a freelance writer for http://www.1888Discuss.com/home-improvement/ , the premier REVENUE SHARING discussion forum for Home Improvements Forum including topics on buying, selling and insuring, automobile, electronics and more. He also freelances for submit free press release http://www.1888PressRelease.com/Legal-0-23.html
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Is Bankruptcy The End Of The Road
When the modifications to U S Bankruptcy Code made it more difficult for people to declare bankruptcy and have debts forgiven, many consumer rights activists cried foul The credit industry worked hard to get this passed, and at first blush, it does appear to work against debtors . .On the other hand, the changes did debtors a favor in some respects By making it harder to seek bankruptcy protection, the new laws made it mandatory that those who might not need to declare bankruptcy go through credit counseling and enter a repayment plan if possible The changes also revealed just how desperate creditors are to keep your debts from being written off completely Armed with that knowledge, there are ways to avoid bankruptcy and right your personal financial ship . . .Pennies on the Dollar . .Everyone has seen or heard ads for law firms or other agencies that will work with creditors and settle your debts for virtually nothing This can happen, but there are some caveats One is that many such agencies are not reliable or trustworthy If they are full-fledged law firms, they will have some oversight from the state supreme court’s disciplinary counsel, as well as the local bar association Even so, be wary and investigate before signing on with anyone . .Further, these agencies collect your money for a time without paying your creditors Your accounts will get further behind while you pay them, knocking your credit score down nearly as much as a bankruptcy would If you are struggling to make ends meet but paying on time or nearly so, this is a fairly unpalatable option . .Finally, to the extent that these agencies do help, you may be able to do the same for yourself While some creditors are more willing than others to settle for lower dollar amounts, any of them would rather take something than nothing Thus, if you are already that far behind, you might try saving yourself some fees that would be charged by the agencies by negotiating for yourself . .Credit Counseling . .An adage that has been unfairly applied to lawyers is true in the area of credit counselors; 99 percent of them give the rest a bad name Class action suits against these groups abound, and internet message boards are full of angry stories A good credit counseling agency can help immensely . .The way such agencies work is to work out a payment plan with you based on what you can afford They then apply it to paying off your creditors based on preset rate reductions They are funded by the credit industry, which is a major turn off for some people However, the credit industry pays them to do something that helps the consumer; they help you pay your accounts off, at a lower interest rate than you might get otherwise . .Again, many of these agencies are unreliable, paying late or not at all Many creditors, upon your telling them you plan to work through a credit counseling agency, will try to talk you out of it for this reason When they do, listen You may be able to work out a better deal for yourself than the agency could The creditors want to be paid to the extent possible; they have no incentive to ruin your credit by forcing you into bankruptcy . .If you do decide to go through a credit counselor, investigate first Is the agency accredited? What complaints against them have been filed with the Better Business Bureau and how have they been resolved? Find a place you can trust . .Conclusion . .There are ways to avoid bankruptcy in most cases If you have lost everything with uninsured hospital bills, that is one thing Being behind on your bills and overextended on credit need not push most people over that edge Creditors want you solvent so they can collect something; you want yourself solvent so you can obtain credit again someday The U S government wants you solvent so you can contribute to the economy Look into your options and you will learn that you can usually find your way out of the bankruptcy hole before you hit bottom .
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How Does Chapter 7 Bankruptcy Affect Credit
It amazes me every time I hear someone with high debt ponder the effect of bankruptcy on a credit report What good is A-1 credit if you are drowning in debt? It is nothing more than a total denial of the debt situation For example, since the credit rating is good, some believe that the debt load is under control However, those persons are not looking at the big picture Debt is still debt despite a good credit rating or credit score In fact, someone carrying high debt is less likely to receive future credit than one who clears the table and starts over Eventually, the one who starts over is better off . .It is true that a Chapter 7 bankruptcy filing stays on a credit report for ten years However, that person can receive future credit long before that ten year period has expired In fact, credit can be obtained within six months to two years after filing bankruptcy I have received feedback from hundreds of prior chapter seven filers who were receiving credit solicitations before their case had even gone to discharge Although those recent offers were likely bad deals, the offers still were made As more time passes from the filing until the attempt at credit, the better the credit offer will be It also factors on whether the person has good income and no negative credit since their bankruptcy filing To think that one would not have an offer of credit for ten years is simply wrong .
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