The Mudcat Café TM
Thread #115363   Message #2471526
Posted By: CarolC
21-Oct-08 - 03:46 AM
Thread Name: BS: Joe the Plumber
Subject: RE: BS: Joe the Plumber
Here's one to consider...

The number one cause of bankruptcy in the US is medical bills, even among those who have health insurance. But because of the new bankruptcy laws, it's now much harder for people to file for bankruptcy. Most people now end up in chapter 13, which doesn't help them get out from under their debt. So people like that end up defaulting on their debt, including their mortgages.

What this means is that our "system" for delivering health care is so inefficient that it and our counterproductive bankruptcy laws have helped to fuel our economic meltdown because people who can't pay their medical bills (or the credit cards they used to pay their medical bills), and who are not able to keep their homes through bankruptcy proceedings, end up walking away from their mortgages, or their homes are foreclosed on. And that doesn't just effect them. It effects the whole economy, as we can now see.