Can Doctors Declare Bankruptcy?
Can doctors declare bankruptcy? Tim Cella used to work at several law firms Doctors are people too, and just like anyone else, they can and do declare bankruptcy sometimes. It's important to note that bankruptcy doesn't mean you have no money or assets—it simply means that you're overwhelmed by debt and your ability to pay it all back is extremely limited. If you're a doctor, then like other people in the medical profession, you may have a lot of debt from medical school, residency, or equipment purchases that you'll be paying for for years to come. A doctor's practice may also suffer setbacks due to factors outside their control such as patients who don't pay their copayments or medical malpractice lawsuits that can drain a practice's finances. Whatever the reason, bankruptcy protection can let doctors get back on their feet and move on with their lives. At the law firm I used to work at we helped doctors, lawyers, financial advisors and so many other...