Jump to Navigation

New Jersey personal bankruptcy often comes from medical bills

Like many people in New Jersey, others across the country believe that most bankruptcy filings come as a result of high debt amounts that accumulated when people engaged in such behavior as obtaining credit cards. However, one recent report notes, as many as three out of every five personal bankruptcy filings in our nation come from medial debt. This number represents a small decrease in the number of such filings this year.

The report, which many in New Jersey may find interesting, notes that even when a person has year-round medical insurance coverage, they are more likely to file a personal bankruptcy due to medical bills than for any other reason. This is because many find that they have high deductible amounts that can range in the amount of $5,000-$10,000. This is a significant amount to those in our nation who average only $50,000 per year for a family.

It is unclear if new healthcare reforms will be able to help those with medical bills. What is known is that many people take on additional debts as a result of illness. These debts, in combination with those owed for medication and hospital stays, may be responsibly confronted through a personal bankruptcy.

Filing for a personal bankruptcy often means that a person in New Jersey will be able to discharge many -- if not all -- of their unsecured debts. This is good news for those who face not only mounting economic challenges but also serious illness. As a result of a filing of a bankruptcy, those in such situations may find that they are able to work towards a full financial recovery more quickly, without the debts that have held them down as they struggle to overcome a medical illness.

Source: today.com, "Biggest cause of personal bankruptcy: Medical bills," Dan Mangan, June 25, 2013

Contact Us

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Subscribe to This Blog's Feed Visit Our
Bankruptcy Law Website

Office Location

Law Office of Robert Braverman, LLC

South Jersey
1060 North Kings Highway, Suite 333
Cherry Hill, NJ 08034
Phone: 856-254-2196 
Toll Free: 800-759-0767
Fax: 856-414-1230
Map & Directions

Willingboro Area Office
Law Office of Robert Braverman, LLC

1848 Burlington Mount Holly Rd (Route 541)
Mount Holly, NJ 08060
Phone: 856-254-2196
Toll Free: 800-759-0767
Willingboro Area Office

Center City, Philadelphia
15th Floor
1515 Market Street
Philadelphia, PA 19102
Map & Directions

Northeast Philadelphia
7909 Bustleton Avenue
Philadelphia, PA 19152
Map & Directions

FindLaw Network