Posted on 05/05/2017 4:02:05 PM PDT by lowbridge
Filings have dropped about 50%, from 1,536,799 in 2010 to 770,846 in 2016 (see chart, below). Those years also represent the time frame when the ACA took effect. Although courts never ask people to declare why they’re filing, many bankruptcy and legal experts agree that medical bills had been a leading cause of personal bankruptcy before public healthcare coverage expanded under the ACA. Unlike other causes of debt, medical bills are often unexpected, involuntary, and large.
-snip
So did the rise of the ACA—which helped some 20 million more Americans get health insurance—cause the decline in bankruptcies?
The many experts we interviewed also pointed to two other contributing factors: an improving economy and changes to bankruptcy laws in 2005 that made it more difficult and costly to file. However, they almost all agreed that expanded health coverage played a major role in the marked, recent decline.
Some of the most important financial protections of the ACA apply to all consumers, whether they get their coverage through ACA exchanges or the private insurance marketplace. These provisions include mandated coverage for pre-existing conditions and, on most covered benefits, an end to annual and lifetime coverage caps. Aspects of the law, including provisions for young people to be covered by a family policy until age 26, went into effect in 2010 and 2011, before the full rollout of the ACA in 2014.
(Excerpt) Read more at time.com ...
Yep - the Dems set it up with Fanny and Freddy then offered a "cash for clunkers" type deal to forgive a lot of the money owed and I'm sure a lot of them "bankruptcies" were to ensure the deadbeats got to keep as much as possible.
Now they're making noise about loaning lots of money to more folks who can't afford it....
Actually it was the bankruptcy “reform” law that did it. Made it harder to BK out bad debt, so anyone who was on the fence at that time was all but forced to jump.
It’s nice to see the details we all expected.
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