Jump to Navigation

For some, personal bankruptcy is a side effect of cancer

Cancer can reach the life of almost any New York resident, whether through an individual's personal diagnosis or through its impact on the life of a friend or loved one. Not everyone who receives a cancer diagnosis is lucky enough to beat it, although some are fortunate enough to receive the medical care they need to return to their pre-cancer lives.

Of that lucky population who do beat cancer, some face an additional challenge after their diseases are cured. According to a recent study based on data from 2012, about one out of every three working cancer survivors incurs debt as a result of the disease, and 3 percent of cancer survivors have to file for personal bankruptcy. There are many reasons that cancer survivors face significant financial challenges, not the least of which is the high costs often associated with their treatments.

The costs of treating cancer have increased at a rate that is two to three times faster than the costs of treating other medical conditions. Cancer therapies can cost in excess of $50,000. Some individuals are forced to take time off of work when cancer strikes and they are unable to earn their regular wages and salaries. As their debts increase and incomes decrease, they can face dire financial circumstances as they simultaneously battle aggressive diseases.

Medical bills cause many people to face financial peril, but it seems that cancer patients bear a heavy burden when it comes to paying for their treatments. Survivors often incur heavy debts and some have to file for personal bankruptcy. Readers who have overcome cancer and who are now dealing with their insurmountable medical debts may consider bankruptcy as one of their options.

Source: NBC News, "Debt, Bankruptcy are Rewards for Cancer Survivors," Jan. 5, 2016

No Comments

Leave a comment
Comment Information
Subscribe to This Blog's Feed

CONTACT US

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

FindLaw Network

Location

Law Office of Ronald V. De Caprio 65 West Ramapo Road Garnerville, NY 10923 Phone: 845-406-4201 Toll Free: 866-936-8113
Map & Directions