To: i-node who wrote (985651 ) 12/4/2016 4:28:10 PM From: koan Read Replies (2) | Respond to of 1571412 Time and again you post stuff that is wrong. I point it out and you move on to the next wrong statement, never acknowledging your mistake.investopedia.com huffingtonpost.com Top 5 Reasons Why People Go Bankrupt By Mark P. Cussen, CFP®, CMFC, AFC | Updated March 19, 2010 — 2:00 AM EDT Read more: Top 5 Reasons Why People Go Bankrupt | Investopedia investopedia.com Follow us: Investopedia on Facebook ) Medical Expenses ? ? ? A study done at Harvard University indicates that this is the biggest cause of bankruptcy, representing 62% of all personal bankruptcies. One of the interesting caveats of this study shows that 78% of filers had some form of health insurance , thus bucking the myth that medical bills affect only the uninsured. Rare or serious diseases or injuries can easily result in hundreds of thousands of dollars in medical bills - bills that can quickly wipe out savings and retirement accounts, college education funds and home equity . Once these have been exhausted, bankruptcy may be the only shelter left, regardless of whether the patient or his or her family was able to apply health coverage to a portion of the bill or not. (Find out what you can do to avoid a financial meltdown when there's a medical emergency. Read Steering Clear Of Medical Debt .) Read more: Top 5 Reasons Why People Go Bankrupt | Investopedia investopedia.com Follow us: Investopedia on Facebook <<>> Warren taught legal finance at Harvard University. And as such, she was the driving force (and author) behind "The Harvard Study" on medical bankruptcy. This was used to create a false belief that medical expenses were a key element of bankruptcy filings in the United States. The study was an outright lie. The first time I looked at I immediately recognized the idiocy of it. And even those who lacked understanding of the material immediately recognized it is lies. Yet, it continues to be cited as the central study on the subject (although some studies have "fixed" the problem with the Harvard Study, you won't find it with Google). She is a totally unimpressive person to thoughtful people.