There are many reasons that people in New Jersey find that they should file for bankruptcy. Often, the reasons include the accumulation of significant amounts of personal debt related to a medical crisis. These debts can come quickly after a diagnosis and can lead to a filing for personal bankruptcy protection.
In fact, a recent report notes that those who have been diagnosed with cancer are significantly more likely to seek a personal bankruptcy than their well counterparts. This may be in part due to the high cost of care for the disease and the low rate of coverage by insurance. In fact, the study that rate at which people filed for bankruptcy was 2.5 times higher for those who were sick with cancer.
The reasons that a cancer diagnosis can lead a person in New Jersey to seek a personal bankruptcy include the cost of medical care for the treatments of the disease. Many who initially have insurance find that their policies cover few of the necessary tests and medicines that are necessary to battle cancer. This can lead to the development of high amounts of medical debts as people attempt to treat their disease.
When a person in New Jersey finds that they are unable to repay the debts that they owe, they often seek a personal bankruptcy. Such a filing can offer not only financial relief as debts are discharged, but also emotional relief through protections from collection efforts of creditors. These protections are especially important to those working to fight off a disease that can be severe in some cases and allow folks to focus on what is truly important.
Source: msnbc.com, “Cancer increases bankruptcy risk, even for insured,” Barbara Mantel, May 15, 2013