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The real cause of personal bankruptcy

With student loans taking the spotlight of financial concern in America, another type of struggle has been the topic of debate: medical debt. Millions of Californians -- and ultimately Americans -- grapple with medical bills that pile high, only accumulating over the years. Although the type of financial recovery plan may depend on the individual situation, looking at America's biggest cause of bankruptcy can help put this issue into perspective. 

CNBC is hardly the first to point out that medical debt is a crippling issue in the nation. In fact, using a 2013 study from Nerd Wallet, CNBC shares that medical debt is the biggest cause of bankruptcies in the country. At the time of the article's release, almost 2 million Americans struggled to make ends meet after a medical procedure or operation. As a result, countless people turn to bankruptcy for relief. The numbers do not appear to be slowing down anytime soon, either: Nerd Wallet also predicted that millions more will continue to face challenges when attempting to pay off medical fees.

More recently, USA Today focused on the medical debt issue in America and how it has continued to cause bankruptcies almost five years later. Contrary to what many might assume, bankruptcies do not always involve poor financial planning or shopping addictions. Instead, as USA Today states, more than a quarter of adults in the country have problems paying their medical bills. Even though bankruptcy remains on a person's record for years, it can provide a light at the end of a long tunnel of financial suffering. Looking to health insurance plans and other resources can help individuals through this stressful time, but it appears that, despite the stigma often attached to filing bankruptcy, the country may have shifting attitudes when considering the idea of starting fresh after a medical nightmare.  

 

 

 

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