Filing bankruptcy for medical bills accounts for nearly two out of three bankruptcies, even people with health insurance face financial disaster if they experience a serious illness, a new study shows.

The study data likely understates the full scope of the bankruptcy medical debt problem because the data were collected before the current economic crisis. In 2007, filing bankruptcy for medical bills contributed to 62.1 percent of all bankruptcies. Between 2001 and 2007, the proportion of all bankruptcies attributable to bankruptcy medical debt rose by about 50 percent.

“The U.S. health care financing system is broken, and not only for the poor and uninsured,” the study authors wrote. “Middle-class families frequently collapse under the strain of a health care system that treats physical wounds, but often inflicts fiscal ones.”

The data on bankruptcy medical bills, compiled by researchers at Harvard Law School, Harvard Medical School and Ohio University, is based on a survey of 2,314 randomly selected bankruptcy Attorneys filers.

Among families who were bankrupted by illness, those with private insurance reported average medical bills of $17,749 compared to those who were uninsured, who faced an average of $26,971 in medical costs. Those who had health insurance but lost it in the course of their illness reported average medical bills of $22,568.

Hospital costs accounted for about half the expenses (48 percent), followed by prescription drugs (18.6 percent), doctor’s bills (15.1 percent) and insurance premiums (4.1 percent). Medical equipment and nursing home care rounded out the list.
The health problems that left patients with the highest out-of-pocket expenses were ranked as follows:

Neurologic (i.e., multiple sclerosis): $34,167
Diabetes: $26,971
Injuries: 25,096
Stroke: $23,380
Mental illnesses: $23,178
Heart disease: $21,955

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Personal bankruptcy means that you file a petition by making use of your own social security number (ssn) or tax identification number (tin) in the bankruptcy filing. Almost all legal entities have the capacity to file a petition in the United States Bankruptcy Court. However, Bankruptcy filing is associated with numeric identifier like social security number (SSN) and the tax identification number (TIN) in personal bankruptcy, your complete social security number or tax identification number does not really show in the public records. Get full details of bankruptcy filing at www.bankruptcyonly.com. Only the last four digits are a part of public records. This allows creditors to recognize your name and keep your private information safe.

If a creditor has questions regarding personal bankruptcy rules, they can see the bankruptcy file of an individual through the online document system of the court call web pacer without having to contact the debtor directly. Each bankruptcy that is filed and consists of a legal entity other than a personal bankruptcy will be associated to employer identification number or a tax identification number. An individual's social security number is only linked to personal bankruptcy and no other entity. Majorly the bankruptcy filings consist of personal bankruptcy. Even the owner of a failing company will end up filing personal bankruptcy instead of any other type of bankruptcy. This is because corporate credits are usually personally guaranteed. Corporate entities do not get a bankruptcy discharge. (Including file chapter 7 bankruptcy)Personal bankruptcy can be a little hard process for some people who have little difficult financial situations and assets. Only a qualified bankruptcy professional can offer good suggestions and solve bankruptcy questions.

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The decision for filing for bankruptcy is one of the most difficult one. There is so much of confusion, so many queries regarding the whole procedure. The roller coaster of life never ceases to give what you least expect. You do not know if you qualify, you do not know if you can get through a bankruptcy without a lawyer or how much the whole process cost you.

Before you get the path of filing for bankruptcy you should understand that filing for it should be a last resort. The best option is to go for a chapter 7 bankruptcy lawyer or chapter 13, which ever you think applies to you before you finally make the final decision. The idea is to gather as much information as you can. To start with you have to know that there is a major difference between the Chapter 7 and 13 bankruptcies. Thus a chapter 7 or chapter 13 bankruptcy attorneys is a must. Do not be surprised if you find tons of bankruptcy information for free, there are many people who have had bitter experiences with it.

Though consulting an attorney is a good thing, the part where you have to pay some fee may not always be feasible for everyone. Thus all the information available on the internet is helpful. Information on all types of bankruptcies is available, may it be personal or small business bankruptcy. There is a drastic change in the norms of these bankruptcies. It is much more complicated now and you should also know of other options of getting out of debt is there are any left for you. To make filing little easy you now have online filing bankruptcy. This is another way of doing it but the role of the lawyer should not be neglected. You can get more information if you click on the link below.More....