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Medical debt proven to be the chief cause of personal bankruptcy

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There are many reasons why people file for bankruptcy in Cuyahoga Falls. Among the foremost of those is medical debt, as it’s estimated to be the root cause of 70% of personal bankruptcy filings. People may not often think about the potential of being overrun with medical bills because many of them trust in their insurance carriers to handle those expenses when the need arises. Unfortunately, thinking like that often leads people into trouble.

When trying to figure out why medical debt can so easily get out of control, consider this: Most people have their health insurance coverage through their employers. When illness strikes, it may affect one’s ability to perform basic job functions for anywhere from a few days to several months. Some are not even allowed to return at all. Now suddenly, the source of one’s benefits and as well as their income is gone, yet the medical bills for his or her medical treatment continue to come. Couple all of this with the fact that most U.S. households don’t have adequate funds in savings, and suddenly, the picture becomes more clear: Heavy medical expenses that coincide with the loss of income and benefits lead one to have to rely heavily on savings and the use of credit to meet their medical expenses. Soon, those sources have also run dry, and bankruptcy soon becomes the only viable option.

So, it’s not so much the medical expenses themselves that lead to bankruptcy, but rather the cumulative effect that medical expenses can have on one’s ability to handle them. In any event, those who’ve been struggling with the decision to file for bankruptcy may wish to consult with an experienced bankruptcy lawyer to address their concerns. 

Source: Forbes “Beware of Cancer Metastasizing to Your Wallet” Peter Ubel, August 16, 2013

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