Medical Bills -- The Leading Cause of Bankruptcy in Arizona
By: Max Gunderson | Posted: 22nd October 2010
Yes, there is a terrible real estate market in Arizona, yes, Arizona unemployment rates are rapidly approaching all-time highs, and yes, Arizona (and the rest of the nation) is mired in a deep recession. However, none of these financial pitfalls are the leading cause of the increasing number of bankruptcy filings in Phoenix, Tucson and all areas of Arizona.
The leading cause of filing for bankruptcy is individual illness and the related medical bills that accompany the illness.
Medical bills are the number one cause of Bankruptcy in Tucson, Phoenix, and all areas of Arizona. Surprisingly, most of those bankrupted by illness had health insurance. More than three-quarters were insured at the start of the bankrupting illness. However, 38 percent had lost coverage either in whole or at least temporarily by the time they filed for Chapter 7 or Chapter 13 bankruptcy protection.
Medical Bills leading to bankruptcy is caused by a number of factors and the unique "double whammy" that a long term illness can cause an individual financially. Besides the fact that medical expenses are at an all time high and employees benefits are being cut or decreased more and more everyday, this "double whammy" affects individuals both ways making it is no wonder that the individual is really starting to feel the pinch. In addition to the overwhelming medical expense, the financial impact on a person suffering from an illness is doubled because (more than likely) the individual is off work (or forced to miss work) and is not collecting their regular salary or receiving a reduced disability income.
Do you find yourself in a similar situation? Are you being overwhelmed by medical bills? Do you have an illness that is destroying your financial situation? If time off work and/or your medical bills are making you feel overwhelmed it may be time to consider filing a Chapter 7 or Chapter 13 Bankruptcy in order to alleviate your medical bills and give you a fresh start.
If you have questions about the process of filing bankruptcy in Arizona please contact the affordable bankruptcy lawyers and attorneys near Phoenix and Tucson at the Bornmann Law Group, PLLC (480) 263-1699 or (520) 306-8729. Call us to set up a free initial consultation, discuss your legal options and filing Bankruptcy in Arizona. With locations in Phoenix, Chandler, Tucson, and Flagstaff we are an Arizona debt relief agency and help people file for bankruptcy under the Bankruptcy Code. Don’t lose everything. Get a "Fresh Start" today. Visit our website at http://www.bankruptcy-az.com for more information or email us at bornmannlawgroup@gmail.com.This article is free for republishing
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Tags: financial situation, health insurance, chapter 13 bankruptcy, medical bills, fresh start, medical expenses, time off, double whammy, three quarters, filing for bankruptcy, medical expense, chapter 7, bankruptcy filings, all time highs, bankruptcy protection, term illness, financial impact, unemployment rates