It used to be the common belief that doctors took great care of their patients because they genuinely cared about their patients. Unfortunately, the fear of a lawsuit may be the thing that prompts doctors to take such excessive measures when treating and diagnosing. Although it is sad to think that medical malpractice suits are so common, it’s even sadder to find out that malpractice suits may even influence how doctors treat themselves.
In a recent publication, it has been suggested that in states where bankruptcy law provides an unlimited homestead exemption, doctors were recognized to spend roughly 13 percent more on their homes than doctors in other states. Professionals with relatively similar incomes, such as lawyers and business executives, were not found to spend more on homes in states with this exemption. So what is the connection? Well, doctors may spend more on their homes in states with this unlimited instead exemption because they are extremely vulnerable to financially ruinous medical malpractice lawsuits.
While the pattern between homestead exemptions and the purchase price of a doctor’s home is still only suggestive, it can be inferred that for doctors, the fear of being sued plays a major role in their lives, both professionally and personally.
Major medical malpractice lawsuits can be financially ruining for some doctors. It is not uncommon for these lawsuits to push a medical provider into bankruptcy. For doctors in fear of malpractice lawsuits, knowing that their home is exempt in bankruptcy may prompt them to spend quite a bit more on it. Fortunately for doctors, there is life after a malpractice lawsuit. Speaking to an experienced bankruptcy attorney can help professionals re-establish themselves quickly by exercising every protection available to them through the bankruptcy law.