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Potential medical debt relief for cancer patients in bankruptcy

When an individual is diagnosed with cancer, the shock of that news carries with it a variety of potential financial challenges. Treatment can mean time away from work, and will almost definitely mean additional costs associated with medical care. South Carolina residents facing a cancer diagnosis should take heart, however: there are many ways to help mitigate medical debt, including filing for bankruptcy to help reorder finances and reallocate funds to where they're most needed.

The high cost of cancer treatment is likely the primary reason cancer patients are 2.5 times more likely to encounter fiscal challenges than a similarly-aged healthy person. Young people also lack the financial support afforded by Medicaid, and unfortunately cancer does not discriminate - thyroid cancer, for example, tends to affect young people first. The addition of debt to a frightening diagnosis can be daunting to any family.

Thankfully, many opportunities are available for patients to plan for the fiscal responsibilities associated with treating a disease. Prioritizing day-to-day bills can help to determine where finances can be reallocated to be most useful. It can also be helpful to contact credit card companies and other lenders to ask for deferrals on payment; considering the reason for the request it is definitely worth a shot. Of course, the ability to file for bankruptcy can also be useful in reordering finances in preparation for costly treatments.

While a cancer diagnosis can be difficult news to receive, it does not have to be complicated by financial fears over medical debt. South Carolina residents may benefit from seeking out more information about the bankruptcy process in order to be prepared for this potential financial step. Ultimately, health is precious, and any steps that must be taken to preserve it can be considered vital.

Source: msnbc.com, "Cancer increases bankruptcy risk, even for insured," Barbara Mantel, May 15, 2013

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
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