(MENAFNEditorial) (EMAILWIRE.COM, June 23, 2013 ) Dallas, TX -- For patients in the midst of a battle with cancer, survival is not the single concern on their minds. Of course it should be the only concern, but a new study has found that younger individuals who are diagnosed with cancer are more likely to experience the hardships of bankruptcy According to a study handled by the Fred Hutchinson Cancer Research Center, researchers found that cancer patients are 2.65 times more likely to be hit with bankruptcy as compared to those without the disease type. Cancer patients below the age of 65 were between two and five times more likely to deal with financial hardship.
There have been previous studies looking at severe illness and bankruptcy, said Scott Ramsey, a physician at Fred Hutchinson, professor in the School of Medicine, and lead author of the paper. There has not been a study looking specifically at cancer and bankruptcy.
Data was collected through the cancer registry and federal bankruptcy records in the state of Washington in order to compare with patients from a control group between 1995-2009.
There were nearly 200,000 in each group, and those with cancer measured around 4,400. That tally constituted 2.2% filing for bankruptcy compared to 1.1% of those in the control group.
A whopping 83% of all cancer patients were forced to file for Chapter 7 while another 13% were forced into Chapter 13 Bankruptcy Each of the two types are used for individual Bankruptcy. The Chapter 7 requires liquidation of non-exempt property. Chapter 13 allows for more protection of assets, but only on a limited basis.
I think [the bankruptcy law] does give people a fresh start, which is the compassionate thing to do, said Linda Hume, a UW professor teaching bankruptcy law.
The brutal facts included a clear correlation between cancer and bankruptcy. Quite often a lack of funds came from so much money being required to treat the disease, while the patient often lost their job due to inability to work during treatment.
Judge Karen Overstreet of the U.S. Bankruptcy Court said of the issue: It's hard enough to hear you have cancer, Overstreet said. Think about how much harder it is to have someone say, By the way, it's going to cost you a fortune to be off work, and you may slip into financial chaos.'
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