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Wednesday, May 15, 2013

Cancer correlated with Increased Risk of Bankruptcy

A new study concludes people with cancer are at a greater risk of bankruptcy than people without cancer. The study consisted of 197,840 adults with cancer living in western Washington. Each of these patients was matched with a person without cancer. Each pair was the same age and sex, and lived within the same zip code.

Here is what the study found:

  • 2.2 percent of adults with cancer filed for bankruptcy, while 1.1 percent of the adults without cancer had filed for bankruptcy.
  • Cancer patients must likely to file for bankruptcy were non-white women under the age of 40.
  • Cancer patients over the age of 65 filed for bankruptcy the least. Incidentally, these patients probably had Medicare coverage and Social Security.
Cancer treatment is expensive. When it affects a younger person who may have an entry level income, student debt and other financial obstacles, cancer treatment can quickly lead to insurmountable debt. Oftentimes insurance policies do not cover all of the associated costs of diagnosis and treatment, and patients may find themselves owing hundreds of thousands of dollars.

Bankruptcy should be a last resort, but if you've decided to file for it, you should be represented by an experienced attorney.

If you are planning to file for bankruptcy, please contact an experienced bankruptcy attorney in your area using our directory.


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