Bad health and constantly rising medical bills has always been a reason for people to go bankrupt, but naming one ailment which causes people to file the most bankruptcies was not heard before. However, recently a research has shown that the number of cancer patients filing for bankruptcy has increased in double folds. Through the research conducted by Fred Hutchinson Cancer Research Centre, it has been found that â€œcancer patients were twice as likely to file for bankruptcy as people without cancer.â€ It is a proven fact now that cancer patients face more economic issues compared to people who are suffering from other diseases. The relationship between cancer and economic hardship is a deeper one and people have 2.65% more chance of going bankrupt than people who do not have cancer.
Another startling discovery which has come out of this research is the fact that young people who suffer from this deadly disease are even more likely to file for bankruptcy, in comparison with the people who are older and are above 65. It has been seen that the reason behind the fact that younger cancer patients file more bankruptcies than the older patients is because of the various medical insurances and securities like Medicare and others. Medical debts can be very pressurizing as they are unavoidable and sometimes they take way more than people had or could afford earlier. Out of these medical debts, cancer care is the most nerve racking with people spending up to 1.3 billion in total for the treatment and care. When a person is diagnosed with cancer, all the reasons of bankruptcy are interlinked, and one of the most important one is that people usually stop working during the initial stages of cancer treatment. This means that the cash inflow has reduced but the outflow has definitely increased to unmanageable levels, and the study shows that 40% to 85% stopped working during the treatment.
Though cancer cannot be prevented once it has inhibited a person, people who are going through the treatment must be able to talk it out and discuss the consequences of their expenditure properly. This can be done by systematically consulting the doctors and hospitals, and requesting them to reduce the bill or sell the medicines at a discounted rate. However, if the bills are ever-increasing and cannot be dealt with small discounts only, bankruptcy is a way out of this problem. Bankruptcy helps you by stopping the debt collectors from charging you medical debts and an agreement where the patient will never have to pay them.
However, bankruptcy could lead to one problem which is that the doctor who hasnâ€™t been paid because of your situation might stop the treatment. To make sure that you are able to tackle this problem a payment arrangement can be worked out with your doctor or the hospital, and a bankruptcy attorney can definitely help out with this. With the help of a good bankruptcy plan which an attorney could devise for you, the problem of paying the doctor even after the bankruptcy has been filed can be continued. This will make sure that even though you do not have the money; your treatment will not stop.
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