The Top Cause of Bankruptcy in the U.S.
At the Russell Van Beustring P.C., our Houston legal team knows that millions of people face financial struggles during their lives, ultimately causing some to file for bankruptcy in order to settle their debts. While there are many reasons that people file for bankruptcy in the U.S., according to a study performed by Harvard University professors, medical reasons were found to be the top cause of filing. The study, conducted in 2007, found that about 62% of bankruptcies in the U.S. were largely the result of medical expenses.
High Medical Costs and Bankruptcy
Medical expenses can easily skyrocket into hundreds of thousands of dollars, even millions of dollars, depending on a person’s health and medical needs. Even if a person has insurance, he or she can still rack up out of pocket bills that he or she is unable to pay. These bills might be the result of the following expenses:
- Emergency medical care
- Extended hospital stays
- Cancer treatments
- Dependence on medications
- CT-Scans and X-rays
- Ongoing visits and examinations
All of these costs can quickly add up and might land a person with medical bills that exhaust his or her finances. Bankruptcy can sometimes provide the financial solution that a person needs to settle his or her medical debts and start fresh with a clean slate.
Contact a Bankruptcy Attorney in Houston
If you are facing huge medical costs and are thinking about filing for bankruptcy to escape this financial burden, a lawyer from the Russell Van Beustring P.C. can help you explore your options. Learn more about the benefits of bankruptcy by calling 713-973-6650 today.