As many of my clients know, one of the top factors that brings a person to file bankruptcy is overwhelming medical debt. A new story in the Wall Street Journal reports on a new study that seems to show a link between cancer and bankruptcy.
The study, published in the Journal of Clinical Oncology “wove together data from Washington state bankruptcy-court records and a National Cancer Institute registry that tracks cancer incidence and survival in the state” and found that of the 231,799 cancer patients they tracked, 4,805 filed personal bankruptcy in the years following their diagnosis. Chemotherapy and surgery increased the risk of filing bankruptcy. Patients over 65 tended to fare better, having Medicare available to take care of such expenses and tend to be at a lower risk of bankruptcy in general.
Medical bills can pile up fast. Without adequate health insurance or financial resources, they can burden someone for years, if not decades, to come. If you are unable to meet your monthly expenses or plan your financial future, personal bankruptcy may be a way to get a solid footing. Consider talking to a Colorado bankruptcy attorney about your rights and obligations in bankruptcy.
You can read the Wall Street Journal story here and read an abstract of the study here.