According to bankruptcy statistics by year, medical bills are the biggest factor in 18 to 26% of bankruptcies. Our answer to this question is based on Medical Debt as a Cause of Consumer Bankruptcy, a study by Daniel A. Austin. The study was published in 2014 and updated in 2015. Some studies claim that up to 60% of bankruptcies are due to medical bills, but this number is most likely overstated. Unfortunately, it’s difficult to pinpoint one single cause of bankruptcy because usually several factors contribute to someone’s financial problems. It’s entirely likely that 60% of those who file do have some sort of issue with medical debt, but studies point out that it’s not always the main cause.