One of the biggest threats consumers face to their personal finances is the risk of medical bankruptcy, according to a recent study. Researchers from Harvard University’s law and medical schools and Ohio University recently reported that 60 percent of all bankruptcies in 2007 were due to medical debts. These debts can affect middle-class families with insurance as well those who are unemployed and/or uninsured. The researchers noted that medical-related bankruptcies increased by 50 percent between 2001 and 2007, making consumers 2.38 times more likely to face such problems. The report also found that average out-of-pocket medical expenses were $22,568 for families that initially had private coverage but proceeded to lose it. Average out-of-pocket expenses for all medically bankrupt families were reported to be $17,943. There has been some talk in Washington of revising existing bankruptcy laws to allow greater leeway for those who spiral into debt due to medical costs. Bankruptcy can stay on a consumer’s credit report for 10 years, damaging his or her credit score and making it extremely difficult to secure access to loans and other types of consumer credit.