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Medical bankruptcies not obvious

By Cathy Moran

On the surface, my initial consult had a tax problem: years of unpaid income taxes.  The salary was on the upper end of what I usually see.

It was only after we talked at length that the story came out:  the client had a mentally ill child and had drained retirement savings to pay for hospitalization for the child.

The client’s health insurance had a low limit on coverage for mental health;  the only way to pay for treatment was to dip into retirement savings, generating a tax obligation.

The bankruptcy schedules will show tax debt.  The underlying story will show that our health care system can be fatal to your economic health.

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About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

Bankruptcy Basics

About The Soapbox

You’ve arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said “try”).

Here, I allow myself to tell stories and express strong opinions. We dig deeper into how to consider bankruptcy and navigate a bankruptcy case.

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