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.
See Related Blog Posts:

Comments

Post a Comment

Popular posts from this blog

Phantom Debt Collection Scams on the Rise in Illinois

Have you been contacted by a person claiming to be a debt collector who is seeking to recover a debt you allegedly owe? If so, you are not alone. According to a recent report from CBS Chicago , such parties claiming to be debt collectors are on the rise, and they are scamming Chicago-area residents. These alleged debt collectors are part of schemes known as “phantom debt collection scams,” since they involve the attempt to collect on a debt that the consumer does not actually owe. How can you avoid becoming a victim in a debt-collection scam ? What should you do if you have been targeted by a fake debt collector? How Do Phantom Debt Collection Scams Work? Now, you might be thinking to yourself: I would never agree to make payment on a debt that I did not owe. But the scam is not always that simple. Parties at the center of debt-collection scams often target consumers who do actually owe debts (to someone or to some entity), and they prey on the fact that these c...
Read more

Payday Lending and Predatory Lenders in Illinois

If you are in substantial debt in the Chicago area and are living in a paycheck-to-paycheck cycle, you may have taken out a payday loan to make ends meet. While payday lending is illegal in a number of states due to the predatory nature of these loans, it remains legal in Illinois. As a result, many debtors in the state have used payday lenders, and far too many of those borrowers cannot repay what they owe. According to a recent article from Progress Illinois , consumers have filed complaints about payday lenders in the state, illuminating a need for federal rules that address harmful lending practices . Predatory Payday Lenders and Protections for Consumers Due to the perceived predatory nature of payday loans, twelve states in the country have banned these lenders from operating completely, according to a fact sheet from loans.org . The states that currently have laws prohibiting payday lenders from operating include Arkansas, Arizona, Connecticut, Georgia, Mary...
Read more

New Information on Debts That Bankruptcy Cannot Discharge

If you are thinking about filing for bankruptcy in the Oak Park area, it is important to know that certain kinds of debts cannot be discharged in a bankruptcy case. Under U.S. bankruptcy law, these are known as non-dischargeable debts, or exceptions to discharge. There are certain types of debts that have long been identified clearly as non-dischargeable debts, while there are misconceptions about other types of debts that may or may not be dischargeable. As an article in CNBC discusses, the U.S. Supreme Court recently issued a ruling in the case of Bartenwerfer v. Buckley , which clarifies that debts incurred due to another party’s fraud cannot be discharged in an individual’s bankruptcy case. Our Oak Park bankruptcy attorneys can explain the Court’s recent ruling and provide you with additional information on dischargeable and non-dischargeable debts. Supreme Court Says Debt Incurred Due to Another’s Fraud is Non-Dischargeable The recent Bartenwerfer case involved a debtor attempti...
Read more