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Medical bills figure in personal bankruptcy Friday August By Christopher Snowbeck Pittsburgh Post Gazette As more Americans struggle to pay for health care legal experts worry that a growing number of them will have little choice but to file for personal bankruptcy if they become overwhelmed with medical debt   On the EdgeOne in a series of articles about the medically uninsured Previous articles     Personal bankruptcies of all sorts are increasing in Pittsburgh and across the country and federal statistics don't indicate exactly what proportion of bankruptcies stem from unpaid medical bills But the amount of medical debt in personal bankruptcy cases was substantial in said Melissa Jacoby a law professor at the University of North Carolina who studies the issue And there's reason to think the situation hasn't improved since then as costs have climbed and the number of people lacking health insurance has grown Jacoby and colleagues published a study of bankruptcy filings that estimated more than middle class families turned to the bankruptcy courts for help following an illness or injury in alone A separate study published this summer reported that nearly million American families during had trouble paying medical bills with nearly two thirds of

Medical Bills and Bankruptcy Filings Aparna Mathur Abstract Using PSID data we estimate the extent to which consumer bankruptcy filings are induced by high levels of medical debt Our results suggest that nearly percent of filings are a consequence of primarily medical debt while in approximately percent of cases medical debts co exist with primarily credit card debts Studying the post bankruptcy scenario we find that filers are percent less likely to own a home even several years after the filing compared to non filers However the consequences are less adverse for medical filers i e those who filed due to high medical bills compared to other filers JEL Classification D K C Keywords Personal Bankruptcy Medical Debts Probit Model Email amathur@aei org Phone Research Fellow American Enterprise Institute Washington D C This paper has benefited greatly from comments by Joe Antos and Kevin Hassett at AEI Introduction In the s consumer bankruptcy filings as a percentage of total filings have been steadily increasing In the number of filings was approximately which doubled in to million filings Recently newspapers reported a surge in bankruptcy filings in anticipation of a change in the Personal Bankruptcy law which would make it harder

       Paper Stats    Abstract Views    Downloads    Download Rank Medical Problems and Bankruptcy Filings Harvard Law School University of Michigan at Ann Arbor University of North Carolina at Chapel Hill School of Law     Abstract      This paper explores the financial impact of medical problems using data from Phase III of the Consumer Bankruptcy Project a survey of individual bankruptcy petitioners conducted during the first quarter of in eight federal judicial districts Although the questionnaire covered a variety of topics this paper focuses on debtors' identification of illness or injury as a reason for filing medical debts and health insurance coverage One out of four debtors or an estimated families in identified an illness or injury as a reason for filing for bankruptcy One third of the debtors said that they had substantial medical bills i e that they had incurred or more in medical bills not covered by insurance Combining those identifying medical reasons with those indicating substantial medical debts or DOI     Contact Information for TERESA A SULLIVAN address for TERESA A SULLIVAN University of Michigan at Ann Arbor Ann Arbor MI United States Contact Information for MELISSA B JACOBY address for MELISSA B JACOBY University



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