(Memphis) The Bankruptcy Law Firm attorney Ursula Jones said illness is the main cause of bankruptcy for her clients.
In fact, more than 60 percent of bankruptcies are medical.
“Many people don’t realize it but healthcare is a domino effect. So what happens is you become sick, then it becomes a stress for you to pay your consumer debt, your credit cards, your rent and your mortgage,” said Jones.
Jones said many of her clients have health insurance. But she thinks Obamacare could cut down on bankruptcies.
“Obamacare will help alleviate the pain of bankruptcy because we no longer have the issue of having high premiums, versus the amount of illnesses you’ve had in the past,” said Jones.
Jones said the Affordable Care Act will allow many to find healthcare coverage that fits their situation.
“Many come to a point where they have to decide between paying their mortgage or paying for their medicine, which our sick and our elderly will under medicate themselves but it’s a short term fix for a long term problem,” said Jones who advises everyone to take advantage of healthcare coverage.