Submitted by Rachel R on Wed, 10/02/2013 - 7:54pm
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We’ve told you before how medical expenses contribute to a great number of bankruptcies filed by our clients. These can range from work or auto accidents, partial or total disability or a serious illness. Of all the diagnoses you can get, cancer is the scariest and a recent study has linked cancer with a greatly increased chance of ending up in bankruptcy.
A study published recently by Health Affairs, a peer-reviewed health policy journal out of Washington state, found a correlation between cancer and bankruptcy. The study was conducted with nearly 200,000 cancer patients ranging from age 18 and up over a period of 14 years. The results? They found that cancer patients were 2.65 times more likely to file bankruptcy than those without the disease.
And while the expenses will obviously be more costly for those without health insurance, even for those with insurance, copays, deductibles, out of pocket costs, time missed from work and nonmedical costs can all pile up and cause deep financial troubles. Not only did the study find a greater risk of bankruptcy in those with cancer, but highlighted particular demographics and types of cancer that were more at-risk for bankruptcy.
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Rundown of Study Findings
Here are the highlights from the study that we found particularly interesting:
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What This Means for You
If you are diagnosed with cancer and wish to avoid bankruptcy there are some preemptive steps you should consider.
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How We Can Help
If you have been diagnosed with cancer and have accumulated a pile of medical bills that you simply cannot afford to pay, bankruptcy may be a viable option for you. If you are still going through treatment, you may want to wait until you are done with your treatment and well into recovery before you consider filing for bankruptcy relief.
To find out what your options are for your particular circumstances, contact a reputable North Carolina bankruptcy attorney for help. John T Orcutt has been practicing bankruptcy law in NC for decades and is ready to help you now. Contact us now to schedule an appointment at one of our convenient locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.
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