Is the bankruptcy rate higher for certain types of cancer patients?

This past summer, our blog explored a bankruptcy-related study undertaken by researchers at the Fred Hutchinson Cancer Research Center. Specifically, these researchers sought to examine the rate at which those diagnosed with cancer file for bankruptcy and determine whether they were more likely to do so than those who are cancer-free.

They accomplished this task by comparing cancer registry data from almost 232,000 adult cancer survivors in Washington state with U.S. bankruptcy court records from the area.

Interestingly, they found that people diagnosed with cancer were twice as likely to file for bankruptcy in the year following the initial diagnosis than those in the general population. In addition, the average time that elapsed before most cancer patients/survivors filed for bankruptcy was found to be only 2.5 years.

While a complete analysis of the study is clearly beyond the scope of this blog, there was one rather interesting component of the study that merits revisiting.

Specifically, which types of cancer patients are at the greatest risk of bankruptcy?

The researchers reached the following conclusions based on the types of cancer studied:

1. Lung cancer - A person diagnosed with lung cancer has a 7.7 percent chance of filing for bankruptcy 5 years after their initial diagnosis
2. Thyroid cancer - A person diagnosed with thyroid cancer has a 4.8 percent chance of filing for bankruptcy 5 years after their initial diagnosis
3. Leukemia/Lymphoma - A person diagnosed with leukemia/lymphoma has a 3.6 percent chance of filing for bankruptcy 5 years after their initial diagnosis
4. Uterine cancer - A person diagnosed with uterine cancer has a 3.2 percent chance of filing for bankruptcy 5 years after their initial diagnosis
5. Colorectal cancer - A person diagnosed with colorectal cancer has a 3.1 percent chance of filing for bankruptcy 5 years after their initial diagnosis
6. Melanoma - A person diagnosed with melanoma has a 3 percent chance of filing for bankruptcy 5 years after their initial diagnosis
7. Breast cancer - A person diagnosed with breast cancer has a 2.9 percent chance of filing for bankruptcy 5 years after their initial diagnosis
8. Prostate cancer - A person diagnosed with prostate cancer has a 1.7 percent chance of filing for bankruptcy 5 years after their initial diagnosis

Here, researchers reported being somewhat uncertain as to why certain types of cancer patients were more likely to file for bankruptcy. Health habits, finances and frequency of surgery/chemotherapy were all advanced as possible reasons.

Stay tuned for more from our Phoenix bankruptcy blog ...

If you would like to learn more about Chapter 7 bankruptcy or Chapter 13 bankruptcy, take the time to speak with an experienced legal or financial professional.

The following post is for informational purposes only and is not to be construed as legal advice.

Source:

The Huffington Post, "Could cancer make you go bankrupt? The risk for 8 types of cancer" Oct. 12, 2011

Source: http://www.maricopacountybankruptcyattorney.com/2011/10/is-the-bankruptcy-rate-higher-for-certain-types-of-cancer-patients.shtml

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