On an average, a US citizen does not enough savings in his account that it can last for more than 4 or 5 weeks without any income. If for some reasons, he gets jobless or does not have any source of income, he literally becomes financially bankrupt. All his credit card payments and the home equity lines of credit are going to suffer tremendously along with other fixed expenses. Things get even more worsened due to the present economic crisis and large corporations trimming jobs and announcing huge lay offs.
Just imagine a situation if someone in the family gets sick or has huge medical problems which your insurance company is not willing to cover or you had no medical insurance in the first place. Most of the people are left with no choice, but to file for bankruptcy. The health care system in America is broken and the prices have gone so high that it’s hardly viable. The number of people filing for bankruptcy just because of medical reasons has increased at an alarming rate in the past few years.
Arizona and Florida is a couple of states who are showing the highest number of senior citizens filing for bankruptcy. Most of the common men are already tapped out due to overwhelming secured and unsecured debts, high food prices, increased drug costs, outrageous gasoline prices and when a medical emergency comes along, it puts their situation even more worse.
The number of people filing medical bankruptcies has gone up by 300% over the last three years. Please give a deep thought and take good care of your health, costs and insurance besides managing your personal finances.