The Truth about Health Related Bankruptcy

THE TRUTH ABOUT Health RELATED BANKRUPTCY и Bankruptcy is a hard time for anyone who has to go through it. For those with MEDICAL BILLS, encroaching FINANCIAL TROUBLES are an everyday concern. Debt seems to favor people from all walks of life, including the well educated. In this infographic, you'll see exactly HOW MANY AMERICANS ARE AFFLICTED BY DEBT FROM THEIR MEDICAL EXPENSES. %$4 Reasons for Declaring MEDICAL BANKRUPTCY ILLNESS AND MEDICAL BILLS accounted for 62.1% of ALL BANKRUPTCIES IN 2007. (4) +40.3% of debtors suffered INCOME LOSS as a RESULT OF AN ILLNESS. (41 Reasons for BANKRUPTCY MEDICAL PROBLEMS of Self or Spouse Declaring MEDICAL BILLS 57.1% 32.1% Uninsured Ipswrance Coverage 40% LESS THAN 25% of medical bill DEBTORS had a lapse in insurance coverage sometime in the 2 YEARS PRIOR TO FILING, whereas of DEBTORS were actually uninswred when they filed for bankruptcy. [1] 2000 0014 3677 0097 WHILE /6% +47% of households OWE ON MEDICAL BILLS, have CREDIT CARD DEBT as a result of MEDICAL EXPENSES. [7) Of those who DO NOT OWE MEDICAL BILLS ON A CREDIT CARD, the average debt is $6,476." DEBT [7] Households Citing Specific OUT OF POCKET MEDICAL EXPENSES Contributing to CURRENT DEBT 171 70% 60% 50% 62% 57% 57% 40% 30% 56% 43% 20% 10% 0% Any Out of Pocket Medical Room Visits Expenses Expenses Emergency Dental Prescription Medications Hospital Stays Visits to the Doctor Around 51% OF FAMILIES have attempted to REDUCE MEDICAL BILLS BY: " 33% REFUSING or DELAYING a prescription refill. 36% 39% SKIPPING OUT on a MEDICAL TEST, follow up, or treatment. NOT GOING TO A DOCTOR for a medical issue. Declaring CHAPTER 7 If you declare you probably HAVE PROBLEMS WITH AN UNSECURED DEBT, CHAPTER 7. such as MEDICAL BILLS OR CREDIT CARDS. (2] MEDICA BILLS Youre not alone. Percent of UNEMPLOYED DEBTORS FALLING BEHIND on PAYMENTS by Age 35% 35 30 22% 19% 25 20 12% 15 10 18 TO 29 30 TO 49 50 TO 64 65 OR OLDER TOP FIVE States for BANKRUPTCIES PER CAPITA in 2012 (4) 81% 7.00 2nd 4th NEVADA UTAH 52% 7.19 W 65% 1st 5.87 TENNESSEE 3rd 5th 5.87 GEORGIA ALABAMA % of Bankruptcies W that were Chapter 7 W 53%/ 6.65 Filings Per Capita (per 1,000 people) IN 2011 OVER 1 MILLION people filed for Chapter 7 bankruptey. DEBTORS FILING CHAPTER 7 owed $348 MILLION well over to UNSECURED CREDITORS in 2011. [6] $11,079 The average person owed in unsecured funds. [6] Conclusion MEDICAL BILLS CAN ADD UP QUICKLY, especially if someone has continuous health problems that require CONSTANT TREATMENT, If you are falling behind on your medical financial obligations, remember that you are not alone and there are many people otruggling with this ongoing problem. Sources 7 (1}http://download.journals.elsevierhealth.com/pdfs/journals/0002-9343/PIISO002934309004045.pdf [2] http://www.totalbankruptcy.com/chapter -7/default.aspx [3] http://www.gallup.com/poll/145772/0ne-Four-Unemployed-Adults-Financial-Distress.aspx [4] http://www.creditcards.com/credit-card-news/state-us-bankruptcy-filing-statistics-2012-1276.php [5] http://www.justice.gov/ust/eo/public_affairs/annualreport/docs/ar2011.pdf [6] http://www.justice.gov/ust/eo/public_affairs/data_files/ch7_asset/docs/CH7CY2011.pdf [7] http://www.demos.org/sites/default/files/publications/PlasticSafetyNet-Demos.pdf