Doctor considering bankruptcy

[doctorv]

Good afternoon,

I am considering bk.

I am a doctor who started a new office and ran up alot of credit card debt
to stay afloat and for living expenses to the tune of $98,000. I know that student loans and sba loans don't qualify (I have $215,000 of that type of debt).

My household income is currently $3800 a month.

My question is for anyone who may be in the healthcare field who has filed for bk. Did it affect reimbursement from any managed care groups or Insurance companies? And my question for everyone else is; was it worth it in the long run and do you have any regrets about filing.

I apologize in advance for my lack of posting skills.

Thank you for any feedback.

[mothersvox]

I am a doctor who started a new office and ran up alot of credit card debt
to stay afloat and for living expenses to the tune of $98,000. I know that student loans and sba loans don't qualify (I have $215,000 of that type of debt).
.

Hi DoctorV: We haven't filed yet, but this the debt to income ratio that you're carrying, I'm guessing that it will feel alot better to lighten your burden.

RE: SBA Loans. My husband and I each have one for our businesses (9/11 disaster assistance) and according to our attorney they are dischargeable. They are not handled the same way student loans are. Of course whatever one used as collateral for the loans would be seizeable, but in our case that is business equipment that is now of no use to us.

Good luck with it. I think others will answer your other questions.

Mothersvox

[HHM]

Are you incorporated in any meaningful way as a professional corporation etc.

If so, the receivables from the insurance companies and Managed Care Co. should not be an issue.

[doctorv]

Thanks for the quick replies.

I am incorporated as an "S" corp.

I am looking at a chapter 7.

My concern is keeping my doors open at the office.
As long as I can do that, things will turn around eventually.

Good night all, I am going home to play with the
kids, That seems to be the best stress reliever for
my financial woes.

[HRx]

Your filing BK will not affect your reimbursements.

[casper735]

Good luck

I by no means have the experience to give BK advice. I am currently going through BK, actually just started the long journey.
I can tell you that one of our local physicians recently filed and it did not affect his reimbursement.

On another note, I would like to discuss your reimbursement and billing privately. I have learned a few tricks and techniques to optimize insurance reimbursement over the past few months. If you would like to E-mail in private, please PM me and I will send you my E-mail address. I know this is not the place to discuss this and I by no means want to invade your privacy, so I will leave that up to you.

I can say that so far in my experience, just starting the paper work and knowing there might be a light at the end of the tunnel has been a stress relief. This forum has been a great help and I have learned so much by reading the posts. Good luck in whatever you choose and know that the people here will be supportive.