Although some evidence indicates that our nation's economy is on the mend, many are still struggling to make ends meet. Even for those who believe themselves to be in firm financial footing, an unexpected expense can be difficult to bear. According to a study titled "Medical Bankruptcy in the United States, 2007: Results of a National Study," published in the American Journal of Medicine, medical bills are one of the most common causes of consumer bankruptcies.
Budgeting: It is a word that is on everyone's mind this year from federal and state government officials to individual households. Consumer confidence is at an extreme low during this economic recession as individuals attempt to get control of their finances, save money and reduce debt or even looking for ways to avoid filing for bankruptcy.
Following the recession, the number of consumer bankruptcy filings in 2010 is at the highest level since the bankruptcy laws were reformed in 2005. However, recent trends show that bankruptcy filings are slowing.