Beating cancer often means facing off against major medical debt

A cancer diagnosis is typically quite frightening. While people appreciate knowing what caused their symptoms, they may fear the worst-case scenario or the impact treatment could have on their daily lives.

Cancer treatments range from surgery and immunotherapy to chemotherapy and radiation treatments. Depending on the type of health insurance someone has, they may be responsible for a large deductible that renews the annually or a flat percentage of their total medical costs. Some people finally beat cancer, only to struggle with the financial aftermath of their treatment.

Medical creditors like hospitals can be very aggressive in their attempts to collect on outstanding debts. Many people who have recently recovered from cancer may need to consider bankruptcy as a way of protecting against the emotional and physical strain that financial stress can inspire.

Stress is bad for human health

Never knowing when a creditor might call or a process server could knock on the door can be bad for someone’s health. Protracted periods of intense stress can lead to physical reactions. The body may produce the hormone cortisol in high amounts. People may struggle to sleep or to eat the nutritious food they require when recovering from cancer treatments.

In some cases, significant stress can even lead to physical symptoms including high blood pressure, chest pain and headaches. Patients who have just overcome major medical challenges shouldn’t have to live with the uncertainty of financial stress.

Especially when considering how an individual undergoing cancer treatment may have gone months without income, they may not be in a position to make aggressive payments towards the balance they owe. They may need to catch up on other basic expenses, like their mortgage. A bankruptcy filing can be a smart call for someone facing a lawsuit related to medical debt or aggressive collection efforts.

How bankruptcy helps

When someone files for personal bankruptcy, the courts provide an automatic stay. All collection activity should cease until the courts either grant the discharge or dismiss the filing. Pending lawsuits and other collection activities typically need to stop during the bankruptcy.

Someone who has recently beaten cancer can prevent lawsuits and protect their assets, as well as their future income, as they begin rebuilding now that they are healthy. A successful bankruptcy filing can eliminate unsecured medical debts and other eligible financial obligations, like credit card balances. The filer can then have a truly fresh start where they focus on improving their physical and financial health after a temporary period of hardship.

Depending on factors including personal holdings and employment status, either Chapter 13 or Chapter 7 bankruptcy could be viable solutions for those dealing with high levels of medical debt. The choice to file for bankruptcy can be a difficult one, but it can be beneficial for those who have recently overcome major medical challenges, such as cancer.