In a recent study published in the journal Health Affairs, it was discovered that individuals with cancer are much more likely to file for bankruptcy than those without cancer. Approximately 400,000 adults were studied using hospital and court records comparing those patients with cancer to those without the disease.
According to the study, of the nearly 200,000 cancer patients and the 200,000 individuals without cancer, it was discovered that 4,408 of the cancer patients had filed for bankruptcy protection. In comparison, only 2,291 of the otherwise healthy adults had sought bankruptcy relief.
If people diagnosed with cancer are two and a half times more likely to need bankruptcy help, it is important to understand what it is happening. Most likely, the most common denominator is the lack of adequate health insurance. While Medicare and Social Security provides financial assistance for older cancer patients, many younger patients cannot keep up with their medical debt that they face, even if they have private insurance coverage.
Whether you have cancer or not, overwhelming medical bills is one of the common causes of bankruptcy. Fortunately, medical bills are unsecured debts that are typically discharged in full in your bankruptcy case. In fact, in a Chapter 7 filing, medical bills are commonly eliminated completely. In a Chapter 13 case, medical bills are often paid pennies on the dollar owed (if anything). Either way, filing a bankruptcy case can save you thousands of dollars in medical bills.
If you are facing a devastating amount of medical debt, contact us to learn more about your options. We can help you understand how a bankruptcy filing will impact your medical debt as well as your other finances.
If you would like a down-to-earth approach and a lawyer who will listen carefully to all your questions and concern, call DeLadurantey Law Office, LLC, at (414) 377-0518. We serve clients primarily in the areas of student loan law, Chapter 7 and Chapter 13 bankruptcies, debt negotiations and defending foreclosure actions. If you live in the area of Milwaukee, Wisconsin, call us for the debt relief assistance you need. Visit our web site and like us on Facebook.