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