Health care expenses are the leading cause of personal bankruptcy.
Our healthcare system is far from perfect and is inefficient in many ways mostly due to government. Overall it’s pretty dang good if you’re sick. Even if you’re someone that falls through the cracks so to speak as far as coverage. To my understanding American bankruptcy laws are especially easy on medical bills. As in it’s 100% wrote off under chapter 7 bankruptcy with zero out of pocket cost in nearly all cases and credit is rehabbed within about 12 months.
Which isn’t to say that it’s ideal because it isn’t. But you’re not going bankrupt in the sense of losing your property, having to pay it back and your credit is relatively quickly restored if you were otherwise responsible. And all while paying much lower taxes and for most of us being insured through an employer with fairly low annual premiums and Dr. care on demand.
