Image source: FreshStartLaw.com
The causes of bankruptcy vary from person to person, but overall there are trends that reflect the causes of filing at large. Back in the 1970s, credit card debts were less in most people’s financial pictures. And in the 1980s, few bankruptcy filers listed overwhelming medical bills amongst the contributors to their bankruptcy filing. But a recent study published in the American Journal of Medicine found that 62.1% of bankruptcy filings were related to medical debts.