Almost every Colorado resident has been personally affected by cancer, whether by having the illness themselves or knowing someone who has had it. Individuals know that, while cancer takes a huge toll on a person's body, it can also wreak havoc with that person's finances.
Recently, researchers found data indicating that younger individuals suffering from cancer were disproportionately affected in their financial situation than older individuals. Specifically, the researchers found that younger individuals filed for personal bankruptcy at rates up to five times higher than older individuals. It was not reported why there was such a disparity among different generations.
While cancer can affect anyone's finances, it can be particularly troublesome in that anyone can be affected by the illness. Once the medical expenses stack up, individuals can find themselves with months of unpaid bills.
By filing for bankruptcy, individuals suffering from cancer or any other illness can retake control of their financial woes. Bankruptcy can be an effective way of wiping out unsecured debt, like medical bills, while allowing the individual to stay in their home and keep other necessary property. Accordingly, while medical issues are unwelcomed by all, bankruptcy can be a tool to help ease some of the stress that goes along with severe illnesses.
Different types of bankruptcy work differently, in terms of the qualification requirements, the debt that is discharged and the property exemptions that exist. Individuals should work with a qualified bankruptcy attorney to determine what type of bankruptcy is best for them, and how bankruptcy can help discharge medical debt.
Source: WWLP, "More cancer patients filing for bankruptcy," Kara Dominck, May 29, 2013