In a 2007 study conducted by the American Journal of Medicine, it was found
that over 60% of all American bankruptcies were based on medical reasons.
People seemed to be defaulting all the time due to stacking medical bills
that could reach 10% of their mean income, or well over $5000. If it wasn't
the financial price of the recovery that made them go broke, all the time
lost off the job sunk them instead. One of the main goals of Obamacare
was to help avoid bankruptcy by reducing medical costs across the board.
Years later, it isn't clear if Obamacare has done anything at all to
lessen the number of bankruptcy filings. But why not? On paper, it seemed
like the majority of Americans filing for bankruptcy should have seen
some, if not a lot, of relief. The issues that were not addressed tell
the true story.
Three of every four people who filed for bankruptcy already had medical
insurance. The Affordable Care Act (ACA or Obamacare) doesn't necessarily reduce
insurance payments for medical coverage to those who already had it, as
it focused more on getting more people basic coverage. In short, people
who were filing for bankruptcy due to medical bills still are and will
continue to do so for the foreseeable future.
You Can Get Financial Relief With Our Help!
If you are facing bankruptcy – with or without the benefits of Obamacare
– and think you have no way out, there may still be time to turn
your financial situation around.
Chapter 7 or
Chapter 13 bankruptcies could be a lifesaving solution for you, your business, and
your family. A professional Kansas bankruptcy attorney like Rick Hodge,
Attorney at Law, can help you understand your options and secure a more
beneficial future. Don't wait another day!
Contact us today!