When the recession began in 2008, high consumer debt was rampant. Now in 2017, the level of consumer debt in Florida and nationwide has once again reached levels recorded nearly 10 years ago, according to federal statistics. In the longer view, the country has seen a tripling of consumer debt since 1999. The steady progression of such borrowing is a reasonably good indicator that bankruptcy filings will also continue to increase.
The Kaiser Family Endowment estimates that medical debt is the primary source of personal bankruptcy filings in the United States, including in Florida. Surprisingly, this includes those persons who have a health care insurance policy. The fact is that these policies are simply not covering the burgeoning expenses of health care and are passing on big chunks to the consumer, who often then is compelled to file a bankruptcy to escape the impossible financial demand made on the family.