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Leading causes of Bankruptcies

06/19/09 posted by Catherine Muriel [ No Comments ]

According to a recent Scientific American article, at least 62% of all U.S. family bankruptcies filed in 2007 were caused by medical problems and expenses. This is up from 2005 where about half of all individuals filing for personal bankruptcy cited medical expenses as one of the major causes. In 1981 only 8% of families filing for bankruptcy cited medical problems as the reason.

The study, conducted by Harvard researchers, found that of those filing, over 75% had medical insurance at the start of their illness Read more

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