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Study: '62.1 percent of all bankruptcies in 2007 were medical'

A national study conducted by the American Journal of Medicine revealed that 62.1 percent of all bankruptcies in 2007 were medical, up from 46.2 percent in a smaller 2001 study. Based on a random sample of 2314 bankruptcies nationwide, researchers found that ninety-two percent of medical bankruptcies were caused by medical bills of more than $5,000 (or 10 percent of income), the rest were caused by income lost or mortgages taken out for medical reasons. According to the study, "Most medical debtors were well educated, owned homes, and had middle-class occupations" and "three
quarters had health insurance." 

Medical Bankruptcy in the United States, 2007: Results of a National Study (6-page PDF)