All bankruptcy attorneys are not created equal. Schedule A Free Case Evaluation
Nowack & Olson, PLLC
Let’s do this together.
Speak with one of our professionals.
888-813-4737

Debt relief in the form of healthcare reform

No doubt, the passage of the Affordable Care Act (ACA) has garnered a great deal of approval and criticism from residents throughout Fort Lauderdale, Florida, and beyond. Families around the country are weighing their healthcare options and deciding on which plans best suit their specific medical needs and finances. And while politics tend to dominate conversations about ACA, the findings of a new study suggest that the ACA may help thousands of Americans avoid filing Chapter 7 bankruptcy.

Not only is excessive medical debt the primary cause of personal bankruptcy in the United States, but the U. S. is also the only developed nation in the entire world to make that claim. According to the Commonwealth Fund, a little over 40 percent of adult Americans questioned confirmed that they had difficulties covering their medical costs in 2007. That is why the findings of a study conducted by the Federal Reserve Bank of Chicago are so encouraging.

Healthcare reform passed by the state of Massachusetts served as the basis for the federal ACA, and was the focus of a recent survey investigating the effect of healthcare reform on bankruptcy rates. According to the study, the number of personal bankruptcies filed in Massachusetts since the passage of the state’s healthcare reform has declined by approximately 20 percent.

While several factors likely play a role, it’s believed that the cap placed on out-of-pocket costs by state and federal healthcare reform has a positive effect on personal finances. Researchers also found that overall personal debt and credit ratings improved with healthcare reform.

Source: Huffington Post, “New Fed Study Says Health Reform Can Reduce Financial Stress, Bankruptcies,” Wendell Potter, Feb. 24, 2014

No Comments

Leave a comment
Comment Information

We take your situation as seriously as you do.

Start with a Free Case Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

What Our Clients Say:

Back
  • "Maria please let Attorney Olson know how pleased I am with the results of my home loan modification with Bank of America. I am so grateful for all of their hard work, especially since my house was a gift from my parents, I prayed not to lose it to foreclosure....."

    Cassandra M.
  • "We received last Friday our bankruptcy discharged letter for the trustee.
    We want to thank you very much for your services in our bankruptcy file.
    We are very pleased and happy with your service, you are so professional, courteous, organized and fast.

    We will recommend you every time we can.
    God Bless You!"

    Yazmin & Ricardo D.
  • "MY EXPERIENCE WITH MITCH AND CHRIS AND U WERE JUST A GREAT EXPERIENCE I WANTED TO GIVE UP PRIOR TO U GUYS.. DON'T WANT TO FORGET ABOUT LEO, HE'S ALSO GREAT PERSON..COMMUNICATE REALLY GREAT WITH ME,,ACTUALLY ALL OF U ....I CAN EMAIL OR CALL .U ALL ALWAYS REPLY TO ME....."

    Tonya C.
  • "I was very pleased with work of Nowack & Olson, and way you guide me through all process of bankruptcy and loan modification. I received good care and was informed on every step of it. Thank You very much. You save my life!"

    Kasia D.
  • "Just wanted to thank you again for helping my wife and family through a tough time. We are finally starting to get back on our feet and building back our nest egg. We have stabilized our income again, and see the light at the end of the tunnel. I remember one of your tag lines was helping good people through bad times... That always rang true with us....."

    Peter R.
  • "After a rather distasteful experience with a Foreclosure Attorney I was apprehensive to say the least to hire an Attorney to handle our Bankruptcy. After some internet searches and research I found Christian Olsen, and after our initial consultation my wife and I retained his services....."

    Bobby and Tanya
  • "I am a teacher who reaped the rewards of a profitable side business until shortly after the recession. I struggled to keep my business afloat until I finally threw in the towel. Between personal and business debt, I was suffocating in bills....."

    Richard C.
Read More Testimonials

Privacy Policy | Business Development Solutions by FindLaw, a Thomson Reuters business.