Cancer Increases Risk of Personal Bankruptcy in Indiana, Study Shows

June 2, 2013 1:34 pm Published by

I’m always on the Internet or searching newspapers and professional journals to find information that might be of help to Bankruptcy in Indiana readers. This time I was saddened by what I found…

“Cancer patients are at much greater risk of bankruptcy than people without cancer,” reports nbcnews.com. A study published only last month found that 4,408 of those diagnosed with cancer between 1995 and 2009 had filed for bankruptcy, compared to 2,291 of those without cancer.”

As a longtime debt consolidation lawyer offering Indiana bankruptcy services, I found at least one aspect of these study results to be no surprise.  Dr. Scott Ramsey, Director of the Hutchinson Institute for Cancer Outcomes Research in Seattle pointed out yet another piece of the puzzle: Young female cancer patients were up to ten times more likely to file bankruptcy than older patients. Since so many clients of the Zuckerberg bankruptcy law offices are, in fact, younger females, all of us Indiana bankruptcy lawyers understand the special financial pressures facing even healthy single moms.

Gender aside, Dr. Ramsey’s study revealed that bankruptcy rates among younger groups were up to ten times that of older patients.  Ramsey concluded (and correctly so, based on our experience here with Indiana bankruptcy), “People who have fewer assets, less income, and less generous insurance (because of entry level jobs), or no insurance, are more vulnerable to severe financial distress.” To make matters even more than half of divorced women are not collected the child support payments they were awarded.

Dr. David Himmelstein, a professor of public health at the City College of New York, sheds more light on the cancer/bankruptcy link, citing studies showing that ¾ of people who say illness was a major factor in their decision to file individual bankruptcy DID have private health insurance when they first got sick.

One truly awful aspect of the financial problems that beset cancer patients, of course, consists of the barrage of collection calls they receive while they and their families are attempting to deal with the realities of the illness itself.  Often, we find, clients arrive at our office telling of being victims of harassment tactics they did not realize were illegal and which needed to be reported to the Indiana Attorney General’s office.

I’m happy to be able to assure clients that the bankruptcy automatic stay can put a swift and merciful end to all collection efforts, providing much-needed relief from at least their financial concerns, and allowing them to focus on recovery.
 

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This post was written by Mark Zuckerberg

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