New York’s unemployment rate has increased to 8.7% from 8.2%, the worst it’s been since October 1992. (FYI, the national rate just moved from 9.4% up to 9.5%, so New York is doing relatively well, but still…)
On healthcare, our government is facing an uphill battle in creating some sort of national healthcare option that would help control medical costs and make sure that all Americans, even the unemployed, can get health insurance.
What do these two things have to do with each other?
Unemployment and medical bills are the two most common causes of bankruptcy for New Yorkers and all Americans. And yet, unemployment is on the rise, and it’s very unclear whether there will be any help or solution for dealing with medical bills. (And even if it does pass, how effective or watered-down will it be?)
You don’t have to be an economist, then, to connect the dots and predict that personal bankruptcy in New York and across the country will most likely continue to rise.
FYI, in case you’re curious, the more complete list of reasons for bankruptcy often cited are:
- Unemployment
- Medical expenses
- Taking on too much credit card debt and other kinds of debt
- Divorce and other marital problems
- Large, unanticipated expenses
If you are facing unemployment or medical bills you can’t pay, you’re not alone. In fact, many people often face a combination of these situations. Because, of course, if you’re unemployed and you have an injury or illness, it’s going to be a lot harder to pay your medical bills.
So until the economy turns around or enacts a national healthcare insurance option, it’s helpful to know there’s still one form of protection you do have, the safety net in our legal system that is mentioned specifically in the Constitution: Bankruptcy.
Whether you’re considering filing for Chapter 7 bankruptcy attorney Brooklyn NY or Chapter 13 bankruptcy attorney Brooklyn NY, or whether you live in Manhattan, Brooklyn, The Bronx, Queens, Staten Island, Queens or anywhere else in the New York City area, please feel free to get in touch for a free initial consultation. I’ll be happy to answer all of your questions and make sure you understand all of the options available to you, whether you are employed or unemployed, and whether you have health insurance or no insurance.
