Medical emergencies are a big source of financial stress. And financial stress, for some people, can lead to personal bankruptcy. There were 1.5 million personal bankruptcy filings in 2010. The Obamacare took effect in 2011.
That year there were fewer than 1.4 million personal bankruptcy filings. And in 2012, fewer than 1.2 million. By 2014, the year of full implementation, bankruptcies fell below 1 million. And kept falling. So: are these things connected?
I caution against being too sure they are. These years also coincide with the slow recovery from the Great Recession. But a Northeastern University School of Law study in 2014 did find that medical debt is the single largest factor in personal bankruptcies.
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