Social Security Disability, Bankruptcy, and Foreclosure
A recent article on the site, CantonRep.com, pointed out the following:
1. Individuals in their thirties are 3 times more likely to develop a disability than they are to die.
2. Twenty percent of Americans, or one in five, will become disabled for at least a year, and perhaps longer, before they reach age sixty-five.
3. Half of all personal bankruptcy cases in the United States are due to the fallout from illness and resulting medical indebtedness.
4. Nearly half of all residential foreclosures happen as a result of lost income that occurs as a result of a period of disability.
Items three and four, of course, are the most troubling because they tend to "bite" at the myth that Americans are somehow covered by a safety net that will protect their interests in the event they become sick or injured and, consequently, are unable to work and earn a substantial gainful income.
In actuality, the safety net that exists (social security disability and SSI) is a poor one, so poor in fact that most individuals who have to file for disability are forced into pursuing a system of applications and appeals that can easily stretch out to 2 or 3 years in length. Given such a system, of course, it goes without saying that even when social security disability benefits are approved, they often arrive far too late to keep most disability claimants from falling over the edge and into a financial abyss.
Return to the Social Security Disability SSI Benefits Blog
How to file for disability
Social Security Appeals Process
How to get approved for SSI
Qualifying for disability