Shocking New Research Ties Cancer to Bankruptcy! - John T Orcutt Bankruptcy Blog

New Study Shows Cancer Leads to Bankruptcy!

Submitted by Rachel R on Wed, 10/02/2013 - 7:54pm

New Study Shows Cancer Leads to Bankruptcy!

Bankruptcy and cancer

Image source: BlogDocancer.com

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.

Cancer study shows link to bankruptcy

Image source: KTSM.com

Rundown of Study Findings

Here are the highlights from the study that we found particularly interesting:

  • Breast cancer was associated with the highest incidence of bankruptcy
  • Ages 20-34 and 35-49 were the groups at highest risk for bankruptcy
  • Most cancer victims that filed bankruptcy lived in urban areas
  • Young females are at the highest risk for filing bankruptcy after cancer
  • Most of those with cancer that filed bankruptcy were non-Caucasian
  • Young cancer victims were 2-5 times more likely to file bankruptcy than seniors
  • Single cancer victims were more likely to file bankruptcy than married people

Cancer can lead to financial problems

Image source: Brecorder.com

What This Means for You

If you are diagnosed with cancer and wish to avoid bankruptcy there are some preemptive steps you should consider.

  • If you are single, you may want to begin cutting as many expenses as possible after your diagnosis.
  • Giving up your apartment or selling your home and moving in with a family member can free up cash (plus they can help with the support you’ll need throughout your illness).
  • Find out what your options are for paid and unpaid leave as well as FMLA so you can try and have your company hold your job while you undergo treatment.
  • Don’t assume that a diagnosis means you must leave your job. With advancement in cancer therapies, many people are able to continue working while recovering.
  • If you have no insurance (and Obamacare doesn’t get defunded) as soon as you get your diagnosis, you can apply for health coverage and it will be the same cost as you would have paid even without cancer because pre-existing conditions don’t apply. The premiums will be cheaper than trying to pay cancer treatment costs out of pocket.
  • If you have no insurance and can’t afford coverage under the Affordable Care Act because you don’t earn a lot, apply for Medicaid. You may be able to qualify for government coverage if you are unemployed or earning minimum wage.

Breast cancer is highest risk for bankruptcy

Image source: HutchRegional.com

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.

Debts Hurt! Got debt? Need help? Get started below!

Serving All of North Carolina

  • Bankruptcy Attorney Fayetteville NC
  • Bankruptcy Attorney Durham NC
  • Bankruptcy Attorneys Wilson NC
  • Bankruptcy Attorneys Greensboro NC
  • Bankruptcy Attorneys Southport NC
  • Bankruptcy Attorneys Wilmington NC

Bankruptcy Attorneys Raleigh NC (North)

6616 Six Forks Rd #203 Raleigh, NC 27615 North Carolina

Tel: (919) 847-9750

Bankruptcy Attorneys Raleigh NC (North)

Bankruptcy Attorney Fayetteville NC

2711 Breezewood Ave Fayetteville, NC 28303 North Carolina

Tel: (910) 323-2972

Bankruptcy Attorney Fayetteville NC

Bankruptcy Attorney Durham NC

1738 Hillandale Rd Suite D Durham, NC 27705 North Carolina

Tel: (919) 286-1695

Bankruptcy Attorney Durham NC

Bankruptcy Attorneys Wilson NC

2215 Nash St N Wilson, NC 27896 North Carolina

Tel: (252) 234-9194

Bankruptcy Attorneys Wilson NC

Bankruptcy Attorneys Greensboro NC

2100 W Cornwallis Dr. STE O Greensboro, NC 27408 North Carolina

Tel: (336) 542-5993

Bankruptcy Attorneys Greensboro NC

Bankruptcy Attorneys Southport NC

116 N Howe St. Suite A, Southport, NC 28461 North Carolina

Tel: (910) 218-8682

Bankruptcy Attorneys Southport NC

Bankruptcy Attorneys Wilmington NC

116 N. Howe Street, Suite A Southport, NC 28461 North Carolina

Tel: (910) 447-2987

Bankruptcy Attorneys Wilmington NC