Fund Pays Medical Bills for More Than 1,000 Ky. Debtors

A nonprofit fund founded by Occupy Wall Street protesters bought up—then forgave—more than $1-million in medical debt owed by more than 1,000 people in Kentucky, The Louisville Courier-Journal writes.

The New York-based Rolling Jubilee Fund, established last fall, aims to give individuals the same chance at debt forgiveness that Wall Street financial institutions received with their bailouts, its officials said. Because debt collectors typically accept pennies on the dollar, the fund was able to cover the Kentucky medical debt with $22,000 in contributions.

The fund, part of the Occupy Wall Street spinoff Strike Debt, has raised more than $500,000. Its first project spent $7,100 to absolve $100,000 in medical bills owed by 44 residents of upstate New York.

A study by the Harvard University Law School found medical debt to be the leading cause of personal bankruptcy.