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Doctors Filing Bankruptcy in New Jersey

On Behalf of | May 13, 2013 | Bankruptcy in the News, Business & Commercial Bankruptcy

According to a recent MoneyCNN.com article, many doctors are being pushed into filing for bankruptcy protection. While many physicians are able to keep their practice going after their bankruptcy filing, for some it ends their career. According to the article , it is unfortunately,  a trend that has accelerated in recent years and it poses serious consequences for the doctors and their patients. You might speculate that the doctors seeking bankruptcy protection are those that have malpractice lawsuits pending against them, but this isn’t the case. The decline in the economy is negatively impacting even the top quality physicians. Consumers are cutting back on their office visits and postponing elective procedures. Other factors that are hurting the medical field are lower insurance reimbursements, changing regulations and the increasing expense of malpractice insurance. Add these rising expenses to the already costly necessities of running a business, and it is easy to see why it is getting harder to keep the doors of a medical practice open. If you are a physician or other medical professional facing financial struggles, it may be time to consider filing a bankruptcy case. The quicker you take action to restructure your debt, the more likely you are to emerge from your case successfully and obtain the fresh start you need. We are bankruptcy lawyers who know how to make a difference in your financial situation. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation.