Submitted By: J. Kavin Kelp
Most Bankruptcies in 2007 Due to Medical Bills
According to Reuters, 62.1 percent of all United States bankruptcies are a result of medical bills in 2007. "Most medical debtors were well-educated, owned homes and had middle-class occupations." In most of the cases, serious illness strikes a family member and even with medical coverage, out of pocket expenses surpass 10 percent of before tax family income.
The article (June 3, 2009) by Maggie Fox, Reuters Health and Science editor, cites research done by Harvard Law, Harvard Medical and Ohio University. Over 2,100 random families that filed for bankruptcy were interviewed and public bankruptcy court records were utilized in the study, which was funded by the Robert Wood Johnson Foundation.
Harvard
