Study Finds That Most Bankruptcies Stem From Illness and Medical Bills

With an economic recession in full force and people losing jobs at an ever increasing rate, the following information should come as no surprise. The Administrative Office of the U.S. Courts shows that the total number of bankruptcies filed in the U.S. for 2009 has increased by 34.5 % over the same period in 2008. Additionally, a new Harvard study published in The American Journal of Medicine (August 2009 issue) stated that financial difficulties started hitting Americans “before” the economic downturn, and the main cause was determined to be illness and medical bills.

A first-time national random sample survey was done on people who filed for bankruptcy. The survey was conducted by Harvard Law School and Ohio State University . Results showed that in 2007, 60% of all bankruptcies in the U.S. were caused by illness and related medical bills.

Many people lose their health insurance when fired from their job, or they lose their coverage when they become ill and experience trouble paying all of their medical bills.

Struggling to Pay Off Your Debt?

If you are experiencing financial distress and feel like you might never get your head above water again, you should contact a Salt Lake City bankruptcy attorney at our office to get some helpful advice on what you can do to regain some peace of mind. Being in debt is stressful and in itself can bring about illness. Eliminating debt is like eliminating an unwanted medical condition, you feel healthier and more alive when rid of it. 

Contact the Stone Law Firm today at 800-769-0074 to learn more about our bankruptcy services.