How does medical bankruptcy work in the United States?
Jan Meriss Alfonso Assistant at Ascent Law LLC Medical bankruptcy It's a scary phrase, especially if you've ever had to file for bankruptcy before. It's even scarier if you're close to someone who's been through it. But what exactly is it? How does the process of medical bankruptcy work in the United States? Let's look into it, starting with the basics. According to the American Journal of Medicine, in the U.S., more than one hundred thousand people are responsible for over one billion dollars in unpaid medical bills each year. The World Health Organization has ranked the U.S. healthcare system as thirty-first in the world, and on average, Americans spend twice as much of their GDP on healthcare costs as other developed nations. The high cost of health care in the U.S. has brought about a growing number of medical bankruptcies each year. Definition A quick definition: you file for bankruptcy when you cannot pay off your debts. If you can't pay off your deb...