As is the notion that it's mostly medical. That was a very unscrupulous "scientist"--what the study actually found was that the majority of bankruptcies included at least one recent medical bill. Of course that nuance didn't get into the popular press very well.

A while back I saw an analysis that showed 5% of bankruptcies were actually medical--and of those half were retirees who were overspending and the medical debt was simply the straw that broke the camel's back.