What kind of debt results in bankruptcy faster than credit card debt?

What kind of debt results in bankruptcy faster than credit card debt?

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Min Austria
Assistant at Ascent Law LLC

If you're thinking it's student loan debt, government loans, or a mortgage on your house, you would be wrong. According to a study done, the fastest way to go broke is through medical debt. The study found that medical bills are the number one reason people file for bankruptcy in America.

The study analyzed 2 million households and discovered what led to them going broke and filing for bankruptcy. Medical bills were responsible for 63% of bankruptcies in 2013. Of these medical-related bankruptcies, 42% were due to high medical bills resulting from an unexpected serious illness or accident. Another 26% were due to having too much credit card debt.

When it comes to getting sick and incurring major medical bills, there are two main kinds of problems that can occur: one is not having health insurance and the other is having health insurance but still being unable to pay the medical bills because they are too expensive. The former often leads to people having no choice but to declare bankruptcy. The latter can lead to someone going into massive amounts of debt if they are not careful about how they use their health insurance benefits.

If you have any questions or in need a Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

Utah Lawyer for Divorce Business Bankruptcy Probate Estates
Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you.
https://www.ascentlawfirm.com

Location: Coalville, UT 84017, USA

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