In 2011, the Institute for Financial Literacy researched the most common reasons for bankruptcy filing. They found that while 70% cited overextension of credit as a leading factor, 65% citied reduction in income, 43% referenced job loss, and injury and illness were contributing factor in 30.9% of these cases. Respondents could list more than one reason, which is why these percentages add up to more than 100%. The percentage of people citing injury and illness has been constant the past five years, while job loss and a reduction in income are cited more frequently now than they were in 2001.
Disability and worker’s compensation benefits will not afford you a luxurious lifestyle. Hawaii state law says that temporary total disability benefits are 66% of the person’s average weekly wage. Worker’s compensation