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Chapter 7 Bankruptcy and Health Care

Posted on Monday, July 13th, 2015    

Filing Bankruptcy is something most people never want to face.  People go to great lengths to avoid the perceived stigma of bankruptcy.  This includes neglecting their personal health needs in an effort to pay back their creditors.  People don’t eat right.  People don’t exercise.  And their personal health deteriorates as they try to deal with the overwhelming stress of their financial affairs.

One of the benefits of bankruptcy is that you can begin to take better care of yourself and your family.  You can afford to eat a little better, exercise a little more and relax a great deal more.  All of which helps your personal health immensely.

As it relates to your bankruptcy, there are a couple of places where including these expenses can actually help you save thousands of dollars.  For those who have a Chapter 13 Bankruptcy, or a Chapter 7 Bankruptcy where the Means Test is an issue, this deduction can make a huge difference.  The court gives people $60 per month per person for health care costs for those who are under 65, and $144 per month for people over 65.  This is not just for co-payments and prescription drugs.  This is for out-of-pocket health care, which is much broader than most people think.

If you can document expenses in excess of the numbers the court allows, you are eligible for the increased deduction, which can greatly assist you in getting the most out of your bankruptcy.  This requires you to take a good look at the elements of your personal health you have been neglecting as you have fallen further into debt.  What aspects of your health care have you been neglecting?  Call us today (916) 419-1111.

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