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Bankruptcy May Be Your Option

Cancer patients in Oklahoma struggle with medical expenses

Many people in Oklahoma likely feel that they are financially stable. Unfortunately, even those who live frugally and save money every month can hit unexpected bumps in the road, such as a cancer diagnosis. Those requiring cancer treatment often find themselves struggling as a result of medical expenses and looking for options for debt relief.

Medical treatments, in general, are expensive. This seems to be especially true for cancer treatments. Some reports indicate that cancer patients are more likely to file for bankruptcy, especially those who are under the age of 65. Additionally, just under a third of cancer survivors experience debt during their treatment.

For many, the cost of cancer treatment is getting less manageable. In fact, the monthly costs of new cancer drugs has increased exponentially since the 1970s. As an example, a drug used to treat one rare cancer cost $26,000 a year in 2001. It now costs $120,000 a year, and those diagnosed with this type of cancer must take the drug their entire lives to prevent a recurrence.

In addition to the cost of treatment, many people in Oklahoma also find themselves unable to work as they cope with the physical consequences of their disease and treatment, further complicating their financial situation. Many are left attempting to shoulder the overwhelming debt created by medical expenses. In some cases, seeking bankruptcy protection may be the best option for those in this situation, helping them create a new path to a more stable financial future and allowing them to focus on their health rather than how they will pay their bills.  

Source: Newsweek, "Many Cancer Patients Must Face Bankruptcy -- Or Die", Brian Bolwell, Aug. 13, 2016

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