• 20
  • June
    2011

Cancer is the second leading cause of death in the United States. Only heart disease is deadlier.

The effects of cancer also go far beyond mortality tables. For one thing, the data show that the financial costs of coping with cancer are also a common cause of bankruptcy.

A recent research study has shown that cancer patients have significantly higher rates of bankruptcy than the population at large. The bankruptcy rate for cancer patients, one year after being diagnosed with the disease, is nearly twice that of the general population.

The lead author of the research study, Dr. Scott Ramsey, pointed out that people who are battling cancer "may face significant financial stress, owing to income loss and out-of-pocket costs associated with their treatment." According to Dr. Ramsey, bankruptcy rates for people diagnosed with cancer increase by a factor of four in the five years after the diagnosis.

This elevated risk of bankruptcy is an overall figure; for individuals, the chances vary considerably depending on the type of cancer, how advanced the cancer is, and other factors.

Still, the study's findings call attention to the link between medical bills and bankruptcy. This link tends is often closer for younger people, because older people tend to have more assets. But it is still a link that should be better known.

If you are battling both cancer and financial problems, talk with an attorney at our firm to discuss your debt relief options.

Source: "Bankruptcy Rates High Among Cancer Patients," Medscape Today, 6-16-11