It’s not the dropping dead that’s as catastropic.
It’s the million dollar medical bills.
Nobody will ever pay those off.
I’ve got a relative who had (probably viral) pancreatitis nearly 15 years ago.
Spent 3 weeks in the ICU, damn near died.
He was 32 at the time.
His choices were to declare bankruptcy or never retire. Guess which one he chose?
Can you even declare bankruptcy out of medical bills anymore?
“It’s the million dollar medical bills.”
It’s not an issue if they can’t get in the door.
If you qualify for Chapter 7, your discharge will wipe out your medical bills along with most other general unsecured debts (for instance, student loans fall into this category but aren’t dischargeable). There is no limit to the amount of medical debt you can discharge in Chapter 7 bankruptcy. Any medical bills you paid with your credit card will also be discharged along with the rest of your credit card debt and other qualifying obligations.
However, to qualify for a Chapter 7, your disposable income must be low enough to pass the Chapter 7 means test. Find out more about the steps you’ll take in Chapter 7 bankruptcy.
https://www.alllaw.com/articles/nolo/bankruptcy/can-file-bankruptcy-eliminate-medical-bills.html