Medical bankruptcies are thought by many to be among the top reasons that consumer file bankruptcies. However, a recent study has found that this is not so:
Study: Medical Bankruptcies May Not Be as Common as Thought | Business News | US News
Hospitalizations cause only about 4 percent of personal bankruptcies among non-elderly U.S. adults, according to an analysis published Wednesday in the New England Journal of Medicine.
This contrasts with previous research by former Harvard professor and current U.S. Sen. Elizabeth Warren and others that pointed to medical reasons as the trigger for more than 60 percent of U.S. bankruptcies.Study: Medical Bankruptcies May Not Be as Common as Thought | Business News | US News
In my work as a bankruptcy lawyer in Nevada this study seems very reasonable. Throughout the week I usually see very few bankruptcies related to medical bills. Other than unemployment, the main reason for filing bankruptcy in Nevada is either car repossessions or payday loans.