According to this article,
http://financiallyfit.yahoo.com/finance/article-110806-6784-1-five-quick-ways-to-bankrupt-yourself?ywaad=ad0035&nc

Reason #2 for bankruptcy in USA is unanticipated medical bills due to illness.

Here’s what the excerpt says on the link:

2. Assuming Insurance Will Cover Your Medical Bills

So, maybe you budget. You make an allowance for food, clothes, beer.

But do you have an allowance for medical costs?

Here’s why you should: The No. 1 cause of bankruptcy is medical bills.

Harvard researchers found that 62 percent of all bankruptcies are caused by medical bills. Even more disturbing: 78 percent of those were people who had insurance.

"Things happen. Surprises happen," Kothari said. "And people don’t prepare for the unexpected. They don’t have a mindset of, ‘How do I prepare myself for the unexpected?’"

Of course, the best medicine is to not get sick.
….

So doesn’t this indicate a serious problem when 78% of people with medical insurance STILL go bankrupt from getting ill? And the amount of out of pocket cost of health insurance has no upper limit?

Do Canadians think this indicates correctly that U.S. healthcare reform by Obama was a step in the right direction?
whoops I didn’t read the statistic correctly.

Among the 62% of Americans whose reason for going bankrupt is due to medical bills, 78% of those are people who had health insurance!
I think we don’t have to do exactly what Canada did under Tommy Douglass, but we should have a Maximum liability that a patient can possibly owe for an illness and start from there….
you can’t budget when you have an unlimited liability for sickness…It’s discouraging because if you are a coal miner, your medical liability may exceed the total of all income earned over your entire life
Now some Americans respond to this by saying "It doesn’t matter how many go bankrupt, doing something to fix this is called ’socialism’, punishing successful corporations to reward people who weren’t successful at budgeting themselves."

But if 78% of 62% of Americans who are bankrupt HAVE insurance! Then isn’t it the system that’s screwed up? Not the result of people being stupid with their money?

Technorati Tags: bankruptcies, best medicine, canadians, coal miner, harvard researchers, health insurance, healthcare reform, insurance quot, kothari, maximum liability, medical bills, medical costs, medical insurance, medical liability, mindset, reason 2, socialism, statistic, step in the right direction, unlimited liability

I’m a single white mother and am a little outraged after going into the local welfare office to get medical insurance for me and my 4 year old son. I was the only white person there, behind or in front of the counter. Not one other white person, or person of any other ethnicity. I work part-time as a secretary and I go to school full-time at a local college to become a nurse. I have been working hard to get a degree so that I can support my son and I. It’s been 3 years of college so far and I still have another left. I have to support myself by getting student loans and have only recently subsidized the household with food stamps and now medical insurance because I simply cannot afford it. However, when I was in the office I saw illegal immigrants who were admitting they didn’t have valid social security numbers who had multiple children each and many of which were pregnant getting EVERYTHING handed to them. Welfare, Medical, Food Stamps, etc.

Is this why out country is going bankrupt?! How can women continue to pop out child after child that we’re expected to pay for? And we pay them to do it? While they live with their illegal boyfriends and don’t marry so they don’t ruin their welfare. It’s crap. I would love to give my son a sibling, but I don’t expect other people to pay for me to sit on my a$$ and pump out offspring!
No, John, skin color isn’t the point here. It’s LEGAL vs ILLEGAL citizens. And putting some restrictions on these hand-outs. WE CANNOT AFFORD THIS. Perhaps there should be mandatory birth control while on welfare, along with mandatory drug-testing. And if you don’t want to do it, you don’t get a check. You have a CHOICE.

Technorati Tags: 3 years, birth control, boyfriends, ethnicity, food stamps, illegal immigrants, local college, mandatory birth control, mandatory drug testing, medical food, medical insurance, offspring, sibling, skin color, social security numbers, student loans, valid social security, valid social security numbers, welfare office, white person

I am so overwhemled with monthly payments for my new car, car insurance, registration, 5 credit cards that are maxed out, now I am paying medical bills for a trip to the hospital without medical insurance. To top that off, I’m depressed about ending a long term relationship. I am just so sad, overwhelmed and no motivation to even go to work, which is my bread and butter. Everything all at once! I can’t even go anywhere cause I don’t have the money.

I called my cc companies and asked them to lower my monthly payments, but even that’s not helping…

I have no choice but to file Bankrupt, but have no idea as to go about it, can someone who has been there please help me….What do I do, where do I go, what will it cost? Your help would be greatly appreciated. Thank you in advance.

Technorati Tags: bread and butter, car car, car insurance, credit cards, ending a long term relationship, insurance, long term relationship, medical bills, medical insurance, money, motivation, new car, trip to the hospital

(I know it effects your credit score). I was in an accident over a year ago and had no medical insurance. I have been paying a monthly amount to all the accounts (which they agreed to let me pay) Now I’m getting statements saying they need more money or they are going to send me to collections! Should I file bankruptcy or just leave my medical bills in collection? All my other loans, credit cards etc. have all been paid on time.
I have fairly decent credit (695) and my medical debt is around ,000.

Technorati Tags: collections, credit cards, credit score, insurance, loans, medical bills, medical debt, medical insurance, money, should i file bankruptcy

I was laid off in February of 2009 and have not been able to find a good job since. I have been without medical insurance for almost 3 years and have to pay out of pocket for a required medication costing roughly 0 per month. I have moved back into my mother’s house (I’m 26) and I am overdrawn on my bank accounts every week just from paying off my car, my storage (I moved home from another state since I could no longer afford rent,) my medicine, groceries, and then attempting to make payments on my debt. I have spoken with a credit counseling organization (MMI) and they have offered me a plan by which I would pay them about 0 per month. This plan would entail 0 per month for debt payment, 5 for car payment, 5 for my student loan, 0 for medicine and 5 for storage of all of my possessions. This is 95 per month. It does not include food. It does not include emergency preparation. And it is also 0 over my monthly income.

Issue #1: I need a new job. On average, I apply for 20-30 jobs PER DAY. I have been told that, since the economy went bust, EVERYONE checks the credit of a potential employee. Obviously my current poor credit is enough to render me unhireable. If I declare bankruptcy, how much worse can (will?) my job hunting situation be? I currently temp at a front desk for just 30 hrs a week, no benefits.

Issue #2: I need to be able to move out of my mother’s house. She is very kind to have opened her home to me when I am in such need, and I try very hard to stay out of her way, but she makes it very clear that it’s a huge burden on her to have me around (I know she is right, but it makes it no easier). She is also 100% against me declaring bankruptcy, not only for the impact it will have on my life but for the stigma it will bear on hers. I need to be able to have my own place again. But, my current credit is so poor AND declaring bankruptcy would remain for 10 years on my credit report, that no one would possibly rent to me. Which is less devastating to a potential landlord? Terrible credit and a ridiculous debt-to-income ratio, or a recent bankruptcy claim?

Issue #3: My car is currently worth about k less than what I still owe. I have tried to sell it back to the dealership, they charged me k and even when I left the car with them, they immediately called me back to pick it up because apparently something in the undercarriage was repaired wrong (oh and getting my k back was a real hoot, let me tell you.) It has already been repo-ed once and I had to pay money I didn’t have to get it back. I have tried selling in private forums, I have tried refinancing, I don’t know what else I can do. No one will buy a car worth almost ten grand less than they’re paying. I want very much to keep it, but I can’t afford it. And yes, simply letting it go would COST ME MONEY. Dave Ramsay says, "sell the car." What would Dave Ramsay suggest in this situation?

Issue #4: I have no savings. If I declare bankruptcy, I will be living off of my income alone (my savings deteriorated during my time when I was unemployed, after which my debt increased exponentially. HOWEVER. If I declare bankruptcy and can divide my piffle paycheck so that at least SOME of it can go towards savings, then at the end of ten years when the bankruptcy falls off my credit report I will have something, instead of nothing. Or just…more of the nothing I have right now.

Issue #5: I can’t pay these bills. (see the price outline in the first paragraph.) Won’t these companies just sue me anyway, if I don’t declare?

Look. I love and respect my mother (who is not a financier.) I do not want to make her sad because her daughter went bankrupt before the age of 30. But let’s be realistic here. How much worse could my situation POSSIBLY GET if I declare, file for Chapter 7 and get my debts forgiven so that I may begin to rebuild.

I would very much appreciate ANY input, on a REALISTIC, REASONABLE alternative to me filing for bankruptcy. I have listened to "Financial University" by Dave Ramsey about 1000x and I’ve read Suze Orman’s books and seen her show.

It would bring me so much comfort, and I would so appreciate it, if my peers on yahoo who have experience or knowledge with this kind of thing could reach out and give me their honest, informed opinions.

Technorati Tags: 3 years, bust, car payment, credit counseling, debt payment, declaring bankruptcy, emergency preparation, front desk, good job, groceries, issue 1, job hunting, landlord, medical insurance, mmi, new job, poor credit, possessions, stigma, student loan

I was laid off in February of 2009 and have not been able to find a good job since. I have been without medical insurance for almost 3 years and have to pay out of pocket for a required medication costing roughly 0 per month. I have moved back into my mother’s house (I’m 26) and I am overdrawn on my bank accounts every week just from paying off my car, my storage (I moved home from another state since I could no longer afford rent,) my medicine, groceries, and then attempting to make payments on my debt. I have spoken with a credit counseling organization (MMI) and they have offered me a plan by which I would pay them about 0 per month. This plan would entail 0 per month for debt payment, 5 for car payment, 5 for my student loan, 0 for medicine and 5 for storage of all of my possessions. This is 95 per month. It does not include food. It does not include emergency preparation. And it is also 0 over my monthly income.

Issue #1: I need a new job. On average, I apply for 20-30 jobs PER DAY. I have been told that, since the economy went bust, EVERYONE checks the credit of a potential employee. Obviously my current poor credit is enough to render me unhireable. If I declare bankruptcy, how much worse can (will?) my job hunting situation be? I currently temp at a front desk for just 30 hrs a week, no benefits.

Issue #2: I need to be able to move out of my mother’s house. She is very kind to have opened her home to me when I am in such need, and I try very hard to stay out of her way, but she makes it very clear that it’s a huge burden on her to have me around (I know she is right, but it makes it no easier). She is also 100% against me declaring bankruptcy, not only for the impact it will have on my life but for the stigma it will bear on hers. I need to be able to have my own place again. But, my current credit is so poor AND declaring bankruptcy would remain for 10 years on my credit report, that no one would possibly rent to me. Which is less devastating to a potential landlord? Terrible credit and a ridiculous debt-to-income ratio, or a recent bankruptcy claim?

Issue #3: My car is currently worth about k less on what I still owe. I have tried to sell it back to the dealership, they charged me k and even when I left the car with them, they immediately called me back to pick it up because apparently something in the undercarriage was repaired wrong (oh and getting my k back was a real hoot, let me tell you.) It has already been repo-ed once and I had to pay money I didn’t have to get it back. I have tried selling in private forums, I have tried refinancing, I don’t know what else I can do. No one will buy a car worth almost ten grand less than they’re paying. I want very much to keep it, but I can’t afford it. And yes, simply letting it go would COST ME MONEY. Dave Ramsay says, "sell the car." What would Dave Ramsay suggest in this situation?

Issue #4: I have no savings. If I declare bankruptcy, I will be living off of my income alone (my savings deteriorated during my time when I was unemployed, after which my debt increased exponentially. HOWEVER. If I declare bankruptcy and can divide my piffle paycheck so that at least SOME of it can go towards savings, then at the end of ten years when the bankruptcy falls off my credit report I will have something, instead of nothing. Or just…more of the nothing I have right now.

Issue #5: I can’t pay these bills. (see the price outline in the first paragraph.) Won’t these companies just sue me anyway, if I don’t declare?

Look. I love and respect my mother (who is not a financier.) I do not want to make her sad because her daughter went bankrupt before the age of 30. But let’s be realistic here. How much worse could my situation POSSIBLY GET if I declare, file for Chapter 7 and get my debts forgiven so that I may begin to rebuild.

I would very much appreciate ANY input, on a REALISTIC, REASONABLE alternative to me filing for bankruptcy. I have listened to "Financial University" by Dave Ramsey about 1000x and I’ve read Suze Orman’s books and seen her show.

It would bring me so much comfort, and I would so appreciate it, if my peers on yahoo who have experience or knowledge with this kind of thing could reach out and give me their honest, informed opinions.

Technorati Tags: 3 years, bust, car payment, credit counseling, debt payment, declaring bankruptcy, emergency preparation, front desk, good job, groceries, issue 1, job hunting, landlord, medical insurance, mmi, new job, poor credit, possessions, stigma, student loan

How would you solve our foreign diplomacy problems? Bomb all of our enemies? Do we start nuking Korea, Iran, Iraq, Egypt, Pakistan, Palestine China. Would that solve it? Then what do we do with all those dying people?

How would you solve our financial problems? Let every company now fail, and all the banks fail? GM fail, all housing in foreclosure, and all people on the streets?

How would you solve our health care problems? (One in four bankruptcies is now caused by inability to pay medical costs). Would you just turn away anyone and everyone who is dying if they cannot pay? If they are in a car crash, do we let them die in the wreckage if they cannot show a medical insurance card?

I find lots of you on here are big to criticize, but I find no real alternative solutions.

Take one of these and discuss it.

Technorati Tags: alternative solutions, bankruptcies, banks, bomb, car crash, diplomacy, egypt, enemies, foreclosure, gm, health care problems, insurance card, iran, iraq, korea, medical costs, medical insurance, pakistan, palestine, wreckage