William G. Berggren, a Raleigh bankruptcy lawyer at Berggren Law Offices, PLLC, has over 30 years of experience helping families in Raleigh and its neighboring areas get a fresh start through bankruptcy.
(Raleigh, NC, January 2023) The bankruptcy lawyer at Berggren Law Offices, PLLC, shared how people in the United States are affected by the recent pandemic and how bankruptcy rates are on the rise.
In the country, the number of individuals who are unable to manage their finances has risen dramatically in the last two decades. According to the available statistics, more than 1.5 million individuals file for bankruptcy each year.
A study conducted by Harvard University showed that approximately two-thirds of all bankruptcies in the United States were caused by medical expenses. One key finding from the study was that 72% of bankruptcy filings came from people with some form of health insurance, debunking the myth that only those without insurance are affected by high medical costs.
Additionally, technology has led to increased healthcare costs in the United States. With more new illnesses and patients emerging, health insurance is becoming both expensive and complicated.
The coronavirus pandemic has had a devastating effect on people around the world. In particular, many have filed for bankruptcy as a result of the pandemic. This is due to a number of factors, including lost income, increased expenses, and the cost of medical treatment.
The pandemic has also had a psychological impact, as people are terrified of getting sick. As a result, many are staying home and avoiding social interactions. This has led to a decline in economic activity and increased unemployment.
With the recent outbreak of the coronavirus, it’s no surprise that medical expenses are still the leading cause of bankruptcy in the United States. With 26% of Americans between the ages of 18 and 64 struggling to pay their medical bills, it’s clear that our current system is not working for everyone.
A Raleigh bankruptcy attorney can assist individuals who are dealing with the aftermath of the coronavirus pandemic. A bankruptcy attorney will give legal advice and guidance on what options are accessible to those who are having trouble, as well as help them file for bankruptcy if that is the best option for them.
During this stressful period, a Raleigh bankruptcy lawyer at Berggren Law Offices, PLLC, is ready to assist you in lessening your financial stress and getting you a fresh start.
About Berggren Law Offices, PLLC
William G. Berggren’s experience includes work on some of the most complex corporate bankruptcies, some of the most significant bankruptcy filings in the country to the simplest individual filings. Berggren Law Offices, PLLC, offers free consultations to learn more about filing for bankruptcy and has over 30 years of experience providing its clients with effective legal representation.