The treatments you need for cancer can lead to bankruptcy

| Aug 27, 2020 | Bankruptcy Law |

Modern medicine has drastically improved the treatments available for those struggling with cancer. From newer and more aggressive chemotherapy treatments to immunotherapies and gamma knife operations, there are a host of tools available to fight cancer today that can give someone a much better prognosis than they would have had several years ago.

Unfortunately, all of that progress comes at a price, and it is the patient who will typically wind up paying. Modern cancer treatments often cost thousands of dollars per session, and insurance companies don’t always cover the full amount of the treatments. In fact, with the newest and most cutting-edge options, they may not cover the drug or treatment regimen at all.

The end result is that many people beat cancer and then find themselves battling a new enemy, which is their staggering level of personal debt.

Almost half of the people who fight cancer experience financial hardship

People fighting cancer are often willing to sacrifice whatever is necessary to survive. Sometimes, what they must sacrifice is an entire lifetime of financial earnings.

According to an analysis of about 9.5 million cases of cancer diagnosed between 2000 and 2012, about 42.4% of the patients had spent their entire life savings on cancer treatment within two years of diagnosis. Across all of those cases, the financial losses suffered by people with cancer averages $92,098.

Those who have already diminished their personal assets, as well as those who have massive debt held by a hospital, may find that bankruptcy is the best path forward in their situation.

How bankruptcy helps a cancer survivor

Stress is not good for your body, especially when you are still in the process of recovering from aggressive cancer treatments. You don’t want to worry about who’s on the line every time the phone rings or how you will pay your bills next month because of the demands made by the hospital.

If your medical creditors have begun to take more aggressive action to collect on your debt or you simply can’t make all of your payments every month, it may be time to consider bankruptcy. Unsecured medical debt may be eligible for a discharge. That way, you can leave both cancer and the debt it produced in your past.

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