Will The Affordable Care Act Slow Bankruptcies?

Bankruptcy Attorney Dayton, Oh

bankruptcy attorney Dayton, medical bills, debt relief, attorney, lawyer, bankruptcy, Miamisburg, Middletown, bankruptcy attorney dayton ohio,With the majority of Americans taking advantage of the extremely cheap credit that has been available in the past few years due to interest rates remaining at all-time lows for extended periods of time, you could not be faulted for thinking that bankruptcies must be a result of over extensions by people accessing that credit and then finding themselves in hot water over time. While this is certainly a factor in many bankruptcies, the fact remains that the prime reason for seeking protection in the U.S is the burden of an unexpected medical bill compounding the above related factors.

Put simply, more people file for Ohio bankruptcy protection because of medical bills than for any other single reason. That would quite possibly change if students were able to seek protection from their student loans but alas that has not happened yet and most likely never will. Having said that, the introduction of the Affordable Care Act will ensure that many more people have medical insurance than were able to get it previously and the hope is that this will enable people to continue to function economically should they face a medical issues that was unforeseen and could potentially cause bankruptcy were they to have no insurance whatsoever.

It is still a little early to tell what the impact will be on bankruptcies that were precipitated by a medical problem but the hope is that the numbers will begin to flatten out and hopefully dry up altogether. What the next President does with regards to additional health care will have a huge impact on those numbers as well. Time will tell. Don’t forget if you are going to go bankrupt to seek out the services of a qualified bankruptcy attorney in Dayton OH to assist you with this.

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