I’m getting close to twenty years practicing law, which includes bankruptcy law, and I always would advise people that medical bills are more than half the reason why bankruptcies are filed, however, a new suggests otherwise.
According to the New England Journal of Medicine, only about four percent of hospitalizations conclude with bankruptcy filings. However, the counterpoint to that is that injuries, hospital stays, etc… triggers using personal credit cards to make ends meet and thus, it may not be tied solely into medical bills, but the consequences of it.
Prior studies, as done by Senator Elizabeth Warren, looked at how many bankruptcies included medical bills, which was around sixty percent, but that doesn’t mean the hospital bills resulted in the bankruptcy.
Personally, I can speak of experience, there are medical bills in an overwhelming majority of bankruptcies, but not necessarily the cause. I would argue the high cost of living in certain metropolitan cities like Miami is more likely the result.
Alexander Hernandez, Esq.
Now, in a Hollywood style plot line, the investors looking to buy out the company will be led by women.
Once a case goes through the foreclosure process, the final step is to list the property for sale at an auction. In this case, the business owners of the inn are filing for bankruptcy in order to stop the sale of the home.
Paul Teutul of American Chopper, filed for Chapter 13 bankruptcy in New York.
Alexander is a bankruptcy attorney practicing in Jacksonville and the surrounding areas and Miami, Florida.