Will Obama care affect bankruptcy filings?

obamacareNow that October 2013 has rolled around, the start-up of Obamacare, or more formally the ACA, is imminent.

Or is it? As of this writing, the federal government is in shut-down mode, as budgets have not been passed, and threats to stalemate the health care changes are thick as thieves.

New Orleans bankruptcy attorney Kevin Gipson recently wrote an article suggesting that bankruptcy filings might indeed go lower if the new system does in fact reduce the amount of uninsured medical bills at the nations hospitals and doctors offices.

On the other hand, the lawyers that I work with here in North Andover keep telling me that I am on the verge of incredible riches, as Obamacare fully implemented is sure to cause waves of business failures, with people lining up for bankruptcy like triage at an accident site.

Personally, I have no clue as to what is going to play out. Probably somewhere in the middle. But stay tuned and I’ll keep you posted.

 

By Doug Beaton

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