Legislation would limit protection of doctors' assets.

Publication: The Miami Herald (Miami, Florida) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2005 The Miami Herald

Byline: John Dorschner

Mar. 27--Bankruptcy legislation now moving quickly through Congress may have huge consequences for South Florida doctors.

Aimed primarily at those who build up massive credit-card debt, the bill would limit the money that could be protected in a home and retirement accounts -- and would require persons with above-average income to pay off debts over some years even if they declare bankruptcy.

It could have a big impact in South Florida because about a third to half of the doctors in the area don't have malpractice insurance, and most of them have sought ways to protect their assets so that they can go into bankruptcy if they are hit with a large judgment.

The bill has been approved by the Senate and is expected to pass the House in the next several weeks. President Bush has already said he would sign it into law.

If that happens, doctors say that could put a horrific squeeze on them. "You could see quite a few doctors retire or move to another state," says...

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