Learning that an individual has cancer can be a dreaded situation for any Ohio resident. Even if a patient survives such an illness, the effects of the disease can plague that person for years, in physical and financial aspects. Medical debt can lead many individuals who have suffered from health issues to seek debt relief options, and bankruptcy may be a path worth considering.
It was recently reported that out of nearly 5,000 cancer survivors who participated in a survey, one-third of those individuals had accumulated significant debt. Indeed, that debt was more than $10,000 in over half of the surveyed cases. As a result, three percent of those individuals had filed for bankruptcy as a means of seeking debt relief.
There are various factors that can play roles in medical debt accumulation. Individuals who are relatively young, use public health insurance and have lower income levels are considered particularly likely to accrue debt. It was also noted that a prior study had indicated that bankruptcy rates were more than doubled for individuals who had cancer than those without such a medical history. The costs of medications, surgeries, other procedures and medical fees can all contribute to a considerable financial burden for patients.
Individuals facing medical debt can feel stress relating to multiple areas of their lives in addition to their health and finances. As a result, Ohio residents who are facing such monetary difficulties may wish to explore their debt relief options in hopes of lessening such stress. Chapter 7 or Chapter 13 bankruptcy may be able to benefit qualifying parties and help them work toward discharging or otherwise conquering medical balances and strive for a more stable financial future.
Source: NBC News, “Debt, Bankruptcy are Rewards for Cancer Survivors“, Jan. 5, 2016
