Tag: lack of health insurance

Bankruptcy Law, Debt Relief

This Common Life Event Doubles Your Chances of Filing for Bankruptcy

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Medical debt is a common cause of consumer bankruptcy filings.  Losing one’s health insurance, also puts individuals and families at an increased financial risk.  According to the American Bankruptcy Institute (ABI), when someone has an interruption in their health insurance coverage, this gap in coverage nearly doubles that person’s chances of filing for bankruptcy.

The ABI looked through figures from the Bureau of Labor Statistics for more than 12,500 individuals.  Their findings revealed a “strong association” between losing insurance coverage and consumer bankruptcy filings. ABI narrowed down their research even further to look at 454 people between the years 2008 and 2014 with similar incomes and debt-to-income ratios, who all filed for bankruptcy in that span of time. While many of these bankruptcy filings were driven by health issues, job loss and divorce, a great majority of them had to do with the fact that the person or someone that depended on the insurance carrier did not have coverage at the time of their illness or injury.

Bankruptcy Law, Timothy Kingcade Posts

Californians Fear Medical Debt Resulting in the Hesitation to Seek Proper Health Care

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A study recently conducted by researchers at UCLA showed that California residents are not seeking medical care due to a lack of health insurance. A shocking 50 percent of adults who are uninsured claimed they did not see a doctor one time last year. On the contrary, 92 percent of insured adults did visit a doctor’s office last year. Children with parents who are uninsured are also lacking proper medical care because an even lower 40 percent visited a doctor last year, while 87 percent who were covered under their parent’s medical insurance did seek medical care during the last year.
Medical debt throughout the nation is at an all-time high. Therefore, it is suggested to be the reason the uninsured population is hesitating to seek medical care. Even those in California who have medical insurance, but limited coverage show high rates of medical debt. The study showed that of the non-elderly population in California, 2.6 million uninsured are struggling with medical debt. The rate of unemployment in California is at an extremely high level and is not expected to lower any time soon. Those individuals struggling with extreme debt as a result of their medical bills have been forced to consider filing Chapter 7 bankruptcy as a solution.
To read more on this story visit: http://www.chapter7.com/job-cuts-leave-californians-facing-record-levels-of-medical-debt/
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.