Wednesday, July 04, 2007



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




Other Posts

How to file for disability
Social Security Appeals Process
How to get approved for SSI
Qualifying for disability