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Elder Law of Michigan, Inc.
A 50% Increase in Medical Bankruptcies - a Worry for Adults Assisting Aging Parents
July 12th, 2009
A new study released in the American Journal of Medicine http://pnhp.org/new_bankruptcy_study/Bankruptcy-2009.pdf, reported that bankruptcies due to medical debt rose 50% from 2001 to 2007. Elder Law of Michigan experienced a similar rise in the calls for help from older adults who are desperate for relief from high debt accumulated from family illnesses. It is a critical short term problem, but for people approaching or in retirement, the situation is devastating. The combination of lost jobs, premature forced retirement, diminished returns on investments for retirement and the personal and economic pain of bankruptcy wipes out security in retirement and forces many from the middle class...
Source: Pharma Investments, Ventures & Law Weekly (2009-07-12)
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