http://finance.yahoo.com/banking-budgeting/article/109143/top-5-reasons-why-people-go-bankrupt?mod=bb-checking_savingsTop 5 Reasons Why People Go Bankruptby Mark P. Cussen
Monday, March 22, 2010
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The bankruptcy statistics in America are alarming. The past few decades have seen a dramatic rise in the number of people that are unable to pay off their debts, and Congress has recently addressed the issue with legislation that makes it harder to qualify for this status.
1. Medical ExpensesA study done at Harvard University indicates that this is the biggest cause of bankruptcy, representing 62% of all personal bankruptcies. One of the interesting caveats of this study shows that 78% of filers had some form of health insurance, thus bucking the myth that medical bills affect only the uninsured.
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