On the campaign trail, President Obama often noted that medical bills contributed to more than half of all personal bankruptcies. Now, the authors of the study Obama was citing have updated their work, finding that in 2007, medical costs (broadly defined) contributed to more than 62 percent of all personal bankruptcies. Even more impressive—78 percent of those filing for bankruptcy had health insurance.

The study, published in the American Journal of Medicine, found that majority of those hit with bankruptcy were middle class, college-educated and owned their own homes.

The study takes a somewhat broad definition of how medical costs contribute to personal bankruptcy, but as the LA Times noted, it looked at a sample of bankruptcies filed before the recession hit in December 2007. As the authors concluded:

The US health care financing system is broken, and not only for the poor and uninsured. Middle-class families frequently collapse under the strain of a health care system that treats physical wounds, but often inflicts fiscal ones