Medical Debt Is a Leading Cause Of Bankruptcy?

Bankruptcy Attorney Dayton, Oh

medical debtOne of the most common causes of individuals having to go bankrupt is because of being laden with medical debt that they simply cannot handle.

Medical Debt Disasters

Many families that have been financially stable and are able to handle their finances can soon be faced with a change when they are hit with a mishap that requires medical attention that they have no insurance coverage for. These bills quickly mount up and the individual finds that they are no longer able to meet their obligations of paying them and have to consider bankruptcy.

This is a common problem throughout many of the different states within the USA. However, there is one exception to this and that is in Massachusetts. In 2005 this state made health insurance mandatory. What has been noted is that those residents now living in this state who decide to go bankrupt do not have near the medical debt that many others do throughout the country. The statistics have shown that in 2013, individuals in Massachusetts who filed for bankruptcy had an average medical debt of $3,041 while in other states the average was $8,594.

Some experts believe that if mandatory health care came in effect throughout all of the 50 states that it may dramatically reduce the number of people that had to file for bankruptcy. There are several studies that have been shown that the number one cause of bankruptcy is as a result of medical debt. It is estimated that 18% to 25% of bankruptcies that are filed throughout the US are because of medical debt. In Massachusetts it is found that only 3% to 9% is because of medical debt.

No matter what the reason is that you need to file for bankruptcy having a qualified bankruptcy lawyer in Dayton Ohio to assist you with this is the first step that you should take.

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