Cancer is a common cause of severe medical debt and bankruptcy

Cancer is a common cause of severe medical debt and bankruptcy

| Mar 15, 2017 | Debt Management, Firm News

When someone you love is diagnosed with cancer, your first concern is the process of treatment and the likelihood of remission. One of the very serious consequences of a cancer diagnosis is often a lot of medical debt. Cancer treatments, such as surgeries, chemotherapy and radiation are incredibly expensive, often costing thousands of dollars a week. Depending on the type of insurance your loved one has, some of that expense may end up as your family’s responsibility, which can result in debt. It can be hard, even impossible, to pay down medical debt when an earner is missing work due to cancer.

In a perfect world, no one would lose a home or personal vehicle as the result of a serious illness. However, we don’t live in a perfect world. If you or a loved one has built up a substantial amount of debt due to cancer treatments, you may need to consider bankruptcy as a means of debt relief.

Cancer survivors are often rewarded with massive debt

You’ve just fought the battle of your life and won. Now, your reward after months of painful and exhausting medical treatments is a lifetime of debt. Unfortunately, this situation is all too common in the United States. As many as 3 percent of cancer survivors have to file for bankruptcy after the completion of their medical treatment. Those who are diagnosed with cancer earlier in life, those who are on public assistance or government insurance and those who were low income before their diagnosis are at increased risk of serious debt and potential bankruptcy as a result of their cancer.

If you are unable to pay your medical debt or even make minimum payments on a plan work within your post-cancer budget, you need to speak with an experienced Tennessee bankruptcy attorney as soon as possible. You already beat cancer. You shouldn’t let medical debt be the issue that finally beats you and undermines your quality of life. At attorney can help you explore your finances and your options when you can’t pay your medical costs after a cancer diagnosis.

An attorney can help you find debt relief

Filing for bankruptcy is a complex process. The good news, however, is that once you file, collections and lawsuits will immediately halt thanks to what is known as the “automatic stay” that comes from filing. Don’t try to navigate the complex and sometimes contentious bankruptcy process alone. Working with an attorney can make everything simpler. It can also improve your chances of a positive resolution. Don’t risk your financial future after cancer! Find a bankruptcy attorney you can trust and discuss your next best step.