Ole Kirk Christiansen, a Danish carpenter, suffered huge losses after a fire broke out in his woodworking shop that made furniture. He descended into bankruptcy and decided to start making small wood items, including toys. He even renamed his company to ‘leg godt’ (‘play well’) or Lego.
62.1% of bankruptcies in the US are due to medical bills. Most medical debtors were well educated and middle class; three quarters had health insurance. Unaffordable medical bills and income shortfalls due to illness were common causes.
62% of bankruptcies in the US are due to medical bills. Almost 4/5ths of these people HAD health insurance but went bankrupted anyway because of co-payments, deductibles and uncovered services. Others got so sick that they lost their job and then lost their insurance.
60 % of former NBA players and 78% of NFL athletes go bankrupt within a few years of retirement.