Medical bankruptcy is a situation where individuals face financial distress due to overwhelming medical expenses that they are unable to pay. It occurs when the cost of medical treatments, surgeries, medications, and hospital bills becomes so high that it leads to severe financial strain. Lack of adequate health insurance coverage or unexpected medical emergencies can contribute to the occurrence of Chapter 7 and Chapter 13 medical bankruptcy. This paper is delved with the objectives to revisit the national scenario of medical bankruptcy along with identification of several factors affecting it and to understand the impact of the factors contributing to medical bankruptcy of individuals along with suggesting some remedial measures to get rid from the bankruptcy situation. This research on medical bankruptcy is grounded in the collection and analysis of primary survey over 105 Indian nationals with diverse nature of profession and income levels and gathered their views and opinions on the related topic to understand the association between the variables affecting the responses to the issue under research. Thus we have classified our sample into certain categories –age, affiliation, and level of income. Further we proceed to study the impact that these categories exert on the opinion on the research issue, through measures of association- viz Goodman Kruskal Gama measure on ordinal data and Pearsonian Chi- square test on nominal data for the achievement of diverse objectives of this research study. This approach ensures the authenticity and specificity of the findings, tailored to the details factors affecting medical bankruptcy cases using R- software.