Question: As a doctor, this economy is really hurting my medical practice. I have offices in Forsyth, Cherokee, Fulton & in Cobb counties. I was doing well for some time but now I am falling behind in my finances. I owe money on my credit cards, for my car and I even owe money for the rent on some of my medical offices. Some of my friends who are doctors are dealing with similar money issues. My friends include surgeons, pediatricians, dermatologists, family doctors and an OB/GYN. And they are associated with some of the major hospitals in the area including Children's Hospital, Scottish Rite, Northside Hospital & Grady Memorial Hospital. Is it common these days for doctors to file for bankruptcy?
Answer: Doctors are filing for bankruptcy in higher numbers than ever before. That, of course, is the case for many professions nowadays. And doctors in the state of Georgia are faring no better than their colleagues in other states. The economy has impacted doctors just as much as it has effected other professions. Patients do not have the same financial resources that they had just a few years ago and government reimbursements for procedures and drugs have fallen dramatically. Many people do not understand that the high unemployment rate correlates with more doctors suffering money problems.
Our clients have included doctors from just about every medical specialty as well as nurses and physician assistants.
As bankruptcy attorneys it's important to understand thoroughly some of the specific bankruptcy issues that can impact doctors more than other professionals.