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Even Illinois doctors have financial problems

There are very few businesses In Illinois that haven't been impacted in some way by the recession. It would seem that even doctors' offices and clinics have also been impacted by the financial problems facing consumers. An increasing number of doctors are filing for bankruptcy protection due to a reduction in revenue and an unforgiving increase in expenses.

Even in today's economy, the price of medications and medical equipment continues to rise. Patients that would have not thought twice about going to the doctor for some routine ailments are now deciding to stay home. Many doctors have to close their offices and/or find employment at hospitals or larger facilities in order to make ends meet.

Then there are some doctors that are deciding to leave the practice of medicine all together. One such doctor who was an oncologist ended up having to make cutbacks as he struggled to make ends meet. Eventually, he just couldn't continue to conduct his business as he incurred more and more debt related to his practice.

Another doctor ended up getting behind on some tax payments and officials showed up at her door to close her down. She contacted an attorney right then who filed an emergency bankruptcy petition for her in order to keep her business open. She was able to straighten out her finances and is still open.

No doctor is immune to financial problems; and many are turning to the bankruptcy courts for protection. Whether the doctor is able to reorganize his or her debt or opts for a total liquidation, the federal Bankruptcy Code and corresponding Illinois statutes offer much needed breathing room for doctors and consumers alike to handle their financial situation. Sometimes the best medicine is a fresh start.

Source:, "Doctors Driven to Bankruptcy," April 8, 2013

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