What’s the Biggest Cause of Bankruptcy in the U.S.?

Millions of people find themselves struggling to remain financially stable, especially since it can be easy to accumulate debt in a variety of ways, such as through college loans, credit cards, property purchases, and more. However, studies and data have shown that the biggest cause of bankruptcy in the U.S., one that affects the most people, is medical bills. Medical bills are notoriously expensive and can be hard for anyone to pay, resulting in burdensome and often unmanageable debts over time.

The attorneys at the Bradford Law Offices, PLLC know that many responsible Raleigh residents are feeling the burden of high medical bills and want to help. Bankruptcy can be a good option to consider if you want to eliminate your debts and move on with your life.

Medical Costs and Filing for Bankruptcy

Even when a person or family has health insurance, medical bills can become exorbitantly expensive, largely due to the following common expenses:

  • Treatments for cancer or other serious illnesses
  • CT-Scan and X-ray costs
  • Surgical procedures
  • Emergency medical treatment
  • Medication dependency
  • Follow-up visits and examinations

All of these costs can quickly deplete your financial savings and can make bankruptcy a viable option for eliminating your debt and restoring security.

Contact a Bankruptcy Attorney in Raleigh

If you or a loved one feels overwhelmed by acquired debt due to high medical costs, rest assured that you are not alone and that there are options you can explore to get out of debt. Bankruptcy is one of these options, and the attorneys of the Bradford Law Offices, PLLC can walk you through how this process will affect you. Contact us at 919-758-8879 today to talk about your options.