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12.8 million households filed for Chapter 7 and 13 bankruptcies between 2005-2017. According to the federal government, filings peaked in 2010, with the fallout of the Great Recession.
Bankruptcy concerns primarily unsecured debt, credit cards, medical expenses and installment loans.
Bankruptcy petitions typically list all debt incurred prior to filing. It is impossible to pinpoint a single root cause of bankruptcy from a petition. That a petition lists healthcare debt is not necessarily the root cause of a petition in bankruptcy.
Some who file bankruptcy are a part of the domino effect of other bankruptcies or simple failure of others to honor obligations- employer does not pay wages owed, business owner does not pay for contracted services, tenant does not pay their rent, etc. One is not going to see this in the petition.
Common enough for small business owners to use personal credit cards to float their personal lifestyles and businesses. More than 50% of small businesses fail within 5 years and often do so because of reasons all to do with the owners, not the economy or regulations. And when it hits the fan, it can trigger personal bankruptcy.
Some bankruptcies are strategic in nature, on the part of the filer.
How many other countries have citizens going bankrupt due to medical debt?
None. The OP lays out a perfect argument for Medicare For All. It will effectively end these medical bankruptcies, which should be an embarrassment to such a wealthy first-world country.
You mean the 'current system' Trump told us time after time after time would be replaced by a far better system soon after he took office?
The GOP had a while to replace Obamacare with something better and did exactly nothing. What made anybody think they would do so with Trump in the White House?
Too many people are driven to the brink under the current system. Patient Protection and Affordable Care Act will protect people. Right.. Another day,?yet another example not to put your faith in government solutions.
this medical bankruptcy talk is nonsense. A few cases sure, but the overwhelming majority are just the lame and lazy listing a couple of overdue doctor bills in a cauldron of others debts they created leading to bankruptcy. Morons will believe whatever they're told.
this medical bankruptcy talk is nonsense. A few cases sure, but the overwhelming majority are just the lame and lazy listing a couple of overdue doctor bills in a cauldron of others debts they created leading to bankruptcy. Morons will believe whatever they're told.
From 2010 to 2016 of course they would compared to 2010 since the government created economy went south in 2008. It's the result of damage caused by the progressives from both parties.
But yes in 2018 they went down compared to 2017.
But exactly -- you are addressing exactly my original point.
There is no way to calculate the impact of Obamacare vs. not Obamacare on bankruptcies. You can come up with a million theories and there is no concrete evidence to prove Obamacare caused more people to go bankrupt.
And while folks may say it was a failure -- the goal was to have more people -- especially with pre-existing conditionis - to have access to insurance. That most definitely happened.
Even while Trump's administration creates obstacles to Obamacare, refuses to try and fix any of the shortcomings, somehow more people are still insured today than before.
For those people -- it's a win.
Trump has stopped addressing health care because he doesn't know what to do. It is kind of sad. It most definitely should be 'fixed' but we need someone who has the patience, attention span, intelligence to address the complex issue.
Obamacare had no cost controls in the legislation. Fundamental flaw. It was doomed to fail from the beginning. Dems were told, they didn't listen, now poor people are stuck again with coverage they can't afford.
But exactly -- you are addressing exactly my original point.
There is no way to calculate the impact of Obamacare vs. not Obamacare on bankruptcies. You can come up with a million theories and there is no concrete evidence to prove Obamacare caused more people to go bankrupt.
And while folks may say it was a failure -- the goal was to have more people -- especially with pre-existing conditionis - to have access to insurance. That most definitely happened.
Even while Trump's administration creates obstacles to Obamacare, refuses to try and fix any of the shortcomings, somehow more people are still insured today than before.
For those people -- it's a win.
Trump has stopped addressing health care because he doesn't know what to do. It is kind of sad. It most definitely should be 'fixed' but we need someone who has the patience, attention span, intelligence to address the complex issue.
Being able to get on with a pre-existing condition is great. Being able to afford it is another.
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