William H. Oliver, Jr. & Associates
Call today for a free consultation
Local 732-988-1500

Blog

Bankruptcy rates higher for filers diagnosed with cancer

Cancer is a devastating diagnosis. An individual often thinks primarily of the health ramifications of being diagnosed with cancer: Is it treatable? Will I lose my hair? What about my family?

A question fewer individuals initially consider is: Can I afford cancer? This seems like a foolish question, but a significant number of individuals in New Jersey find themselves facing debt that feels insurmountable after they fall ill. We have previously discussed that many victims of financial struggle are pushed into bankruptcy because of medical debt.

Further, there are significant financial strains secondary to treatment that can come along with a cancer diagnosis. An individual could lose their job and lose their insurance coverage, which only compounds the financial struggle.

A recent study reflects this troubling fact. The study concluded that victims of cancer file for bankruptcy at a rate 2.65 times higher than the rate that individuals without cancer file. Within that population of individuals struck with cancer, younger adults in particular are most vulnerable to financial ruin.

However, many will resist filing for bankruptcy. An expert in this matter says that she sees a troubling pattern where young individuals will dig themselves into a deeper hole to avoid bankruptcy. "They will sell property, deplete all savings, borrow from family and friends. Years later, they may ultimately have to file anyway."

An individual struggling with cancer and debt deserves help. An attorney can assist an individual struggling with cancer or in remission secure all the protection bankruptcy has to offer to start fresh. Cancer can lay claim to enough of an individual's life, it should not lay claim to their financial health too.

Source: Medscape, "Bankruptcy Rates Double With Cancer Diagnosis," Nick Mulcahy, May 15, 2013

Get A Free Lawyer Consultation

With offices in Toms River and Neptune, attorney William H. Oliver is ready to answer your questions and help you find the right debt relief solution. Evening and Saturday appointments are available. Call local: 732-988-1500 or fill out our contact form.

Email Us For a Response

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Toms River Office
609 Main Street
Toms River, NJ 08753

Fax: 732-775-7404
Toms River Law Office Map

Neptune Office
2240 State Route 33
Neptune, NJ 07753

Phone: 732-341-1550
Fax: 732-775-7404
Neptune Law Office Map

visa, master card, american express, discover network