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How common is medical bankruptcy outside the United States?

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Your question is difficult to answer because “medical bankruptcy” is more of a political term, not a legal one. You will not find “medical bankruptcy” in the U.S. Bankruptcy Code, and what constitutes a “medical bankruptcy” is debatable. read more

Also, the bankruptcy laws and processes can be drastically different between countries. Many consider the consumer bankruptcy laws in the United States to be favorable to the debtor. For example, in the United States it is actually possible to keep large amounts of assets and still receive a discharge of your debts. read more

In both the United States and Canada, less than one-third of 1 percent of families file for bankruptcy each year. Further, even with a socialized healthcare system, some Canadians go bankrupt because of medical expenses. read more

Even outside of bankruptcy, about 56 million adults—more than 20 percent of the population between the ages of 19 and 64—will still struggle with health-care-related bills this year, according to NerdWallet Health. read more

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