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According to a report from CNBC, more Americans are now filing for bankruptcy due to medical debt than ever before. Although most people think that medical bankruptcy only deals with hospital and doctor bills, it can also be the result of lost income related to an accident or illness. Even when a person has health insurance, the staggering cost of medical debt can exhaust a person’s entire savings.
During her time as a professor at Harvard Law School, Senator Elizabeth Warren conducted a study that showed medical bills were a significant factor in more than 50% of bankruptcy cases. Another study from Nerdwallet Health revealed that medical bills were a more substantial contributing factor to filing bankruptcy than credit card or mortgage debt.
The following are facts about medical debt that you should consider if you are thinking of filing for bankruptcy: