Debtors, Cancer Care, and Personal Bankruptcy

Many debtors in the Chicago area have considered consumer bankruptcy in order to manage credit card bills and substantial medical debt.  But did you know that many Americans who carry healthcare debt are also struggling to recover from life-threatening diseases like cancer?
According to a recent article in HealthDay, “one-third of cancer survivors in the United States say they have experienced money or work problems due to cancer care,” even those who have health insurance.  Indeed, many of those patients with health insurance reported that they have been forced to “change their lifestyle and medical care due to the financial burden of treatment.”
Findings Reported at the American Society of Clinical Oncology
Two recent reports have indicated that cancer care—even for Americans with health insurance—poses overwhelming financial costs.  When you’re experiencing anxiety from battling a life-threatening disease, should you also have to worry about carrying medical debt?  Researchers presented their findings at a meeting of the American Society of Clinical Oncology (ASCO).
Robin Whitney, the lead author for one of the studies mentioned, told members of the ASCO, “We found that many cancer survivors, particularly those who are younger or from underserved populations, experience financial or work-related hardship—even when insured and years out of treatment.”  Whitney herself is a cancer survivor, and she’s currently a graduate student in the School of Nursing at the University of California, Davis.
How did researchers conduct the studies?  In the study conducted by Whitney’s team of researchers, about 1,600 cancer survivors across the country were surveyed.  The researchers learned that “27 reported at least one financial hardship—such as debt or bankruptcy.”  And even more cancer patients indicated that they had been negatively affected financially by the demands of their care.  To be sure, nearly 40 percent of those surveyed “said that they had to make changes at work such as such as having to take extended time off or delaying retirement, because of the demands of cancer care.”
Details About the Subjects of the Study
In terms of time in and out of treatment, the findings of the study showed the following percentages:
·      14 of those surveyed were currently in treatment for cancer.
·      46 of the people surveyed had been out of treatment for fewer than five years.
·      About 40 percent of the subjects were more than five years out of treatment.
In terms of those currently in treatment versus those who had completed treatment, “those in active treatment reported more than double the amount of financial hardship than those who were less than five years post-treatment.
The studies also showed that financial problems were more prevalent among certain groups of patients.  Specifically, “women, younger patients, racial/ethnic minority patients, and those without insurance” suffered more extensive financial hardships than patients in other groups.
For many consumers who are dealing with the burden of medical bills for cancer care, personal bankruptcy may be able to help make that debt more manageable.  However, bankruptcy laws are extremely complicated, and you should always speak with an experienced Oak Park bankruptcy attorney.
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