Even though bankruptcy may be associated with poor spending habits, credit card debt is not the leading cause of consumer bankruptcy cases in the United States. Researchers from Harvard Medical School and Harvard Law School have found that medical bills are responsible for 60% of U.S. bankruptcy cases. More upsetting, 75% of petitioners have health insurance coverage.
This video goes into further detail on the medical bill bankruptcy findings from Harvard Law and Medical Schools. As this report explains, research shows that the average middle-class American family is just one serious illness away from filing a bankruptcy petition. Even Americans with health insurance coverage find it difficult to pay for mounting medical bills or expensive medical treatments.