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Janet K. Hong and Derek Hong are the founding partners of Hong Law, PLC

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Home  >  Bankruptcy  >  Cancer patients more likely to declare bankruptcy, according to recent study

Cancer patients more likely to declare bankruptcy, according to recent study

People diagnosed with cancer are more likely to declare bankruptcy compared to people without cancer, a study recently published in Health Affairs reported.

A research group in Seattle found that cancer patients were 2.5 percent more likely to go bankrupt compared to people without cancer. According to Dr. Scott Ramsey, who led the authors of the study published on May 15, there is strong evidence to linking a cancer diagnosis and the increased risk of filing for bankruptcy. The study also showed that mostly younger and female cancer patients are the ones more likely to file for bankruptcy. This is due to other influences like existing debts and not having financial support to cover daily living expenses.

Suffering from overwhelming debt can be frightening, especially if a person is faced with sudden health problems. At Hong Law, PLC, our attorneys can help you evaluate your debt relief options and choose a path that will get you back to financial stability. Learn more about your options by calling (319) 294-5853.

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