Bankruptcy researchers made headlines last week with a new study showing 62.1% of personal bankruptcy cases in 2007 were linked to medical expenses–a rate nearly 20 percentage points higher than the last time researchers investigated the issue in 2001.
The majority of medical debtors were middle class and had at least some college education. Three-quarters had health insurance at the start of the illness or disability that eventually contributed to the bankruptcy.
Other interesting statistics about recent bankruptcy filers:
Average age: 44.4 years
Average household income at time of filing: $32,112
Median household income at time of filing: $27,588
Attended college: 61.9%
Current homeowner: 52.3%
Active-duty military or veteran: 19.4%