Half of all bankruptcies are caused by medical bills – and they just don’t give a damn

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CNN: Researchers: Half of bankruptcies caused by health costs – Feb. 2, 2005: “From 1982 to 1989, I reviewed every bankruptcy petition filed in South Carolina, and during that period I came to the conclusion that there were two major causes of bankruptcy: medical bills and divorce,” said George Cauthen, a lawyer at Columbia-based law firm Nelson Mullins Riley & Scarborough LLP. “Each accounted, roughly, for about a third of all individual filings in South Carolina.” He said fewer than 1 percent of all bankruptcy filings were due to credit card debt.”

CNN: Bankruptcy bill unfair – Mar. 3, 2005: “The new “means” test in the legislation is intended to determine whether those seeking bankruptcy protection must repay their debts or are allowed to have them canceled. Under the current system, bankruptcy judges have the discretion to decide that. Supporters of the bill hope for passage before lawmakers adjourn in mid-March for the spring recess. Banks, credit card companies and retailers have pushed since 1997 for a bill overhauling the bankruptcy laws. Consumer and civil rights groups and unions say the legislation would shred a safety net for those who have lost their jobs or face mounting medical bills.”

And the bill is liable to pass. The mass media on this? Well they’ll report it after it has been voted on and settled of course.

2 thoughts on “Half of all bankruptcies are caused by medical bills – and they just don’t give a damn”

  1. Dude, this administration is only interested in getting more for them that already has. Why after all this time are you still surprised when they unveil yet another law, program, initiative or war that–when you cut through the spin and slick–puts more money in bank accounts already bulging at the seams?

  2. I agree with Bill. I said to someone I work with about 3 weeks ago, that they are stealing everything (this current admin) that isn’t nailed down. Then the guy I said this to said, “Yeah, and they’re stealing all that stuff too.”

    I think that pretty much sums it up.

    It’s the same deal with this Social Security reform. Lie about the numbers, lie to the people, and hope they are stupid enough to believe them.

    As for the main stream media giving this any attention? You’re joking right?

    The current admin has the media in their pockets.

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