A new study released by the state of Washington reveals that cancer patients are twice as likely to file for bankruptcy as non-cancer patients. Even worse, younger cancer patients have 2-5 times higher rates of bankruptcy than cancer patients ages 65 and older. While the reason behind the disparity demands further research, the report suggests that the older cohort is better equipped to mitigate the risk of bankruptcy because they have access to Medicare and Social Security benefits.
While these statistics are disturbing, they are not surprising. Medical costs associated with cancer are high, and most individuals, especially younger people, do not have the savings put away to cover those costs. If you are a cancer patient who is struggling to make ends meet, contact a qualified debt settlement attorney before filing for bankruptcy. A debt settlement attorney will discuss your options with you — bankruptcy and non-bankruptcy alternatives — so that you can make the best financial decision for you.