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The Financial Tragedy Of Health Care in the United States

Healthcare consumers in the United States have been sending out rallying cries over the high cost of medical services, devices and prescription medications for decades. Proponents of the Affordable Care Act (Obama Care) were hopeful its enactment would lower the cost of healthcare and ultimately make it affordable enough to insure the millions of Americans without health insurance coverage. Unfortunately, the full enactment of the Affordable care act has never been instituted the way it was intended and millions of Americans are finding themselves overwhelmed with medical bills.

Chapter 7 may help Tennessee residents with considerable losses

In many cases, individuals who are facing overwhelming debt could be looking at seemingly insurmountable amounts in due balances. When exploring ways to deal with these liabilities, many individuals may wish to look into Chapter 7 bankruptcy. Tennessee residents may be interested in one case taking place in another state in which a man with business debts is taking such an avenue.

Reports stated that the man is the owner of a mall and due to business difficulties, he is facing considerable debt in relation to the mall property. Apparently, the creditor that holds the mortgage to the property is currently owed over $27,000,000. In total, the man's liabilities amount to over $30,000,000. In addition to the mortgage debt, unsecured debt liabilities reached nearly $3,000,000.

Credit card debt could affect Tennessee residents for decades

Having serious debt may seem like a singular situation, but there are numerous people across the country, including those in Tennessee, dealing with thousands of dollars in debt. Credit card debt is among the most common type and is one that makes up a substantial amount of overall debt. When individuals are stuck in the vicious cycle of making monthly payments with no end in sight, they may wonder where to turn.

It was recently reported that the average amount of credit card debt for an individual in the United States is $3,600. However, because this number is calculated by including individuals who have no debt, it is likely that individuals with outstanding credit card balances are facing a higher amount. One study indicated that approximately $16,000 is closer to the amount that households with debt are facing. 

Bankruptcy could be second chance for some Tennessee residents

There may be times in an individual's life where he or she may need a second chance. More often than not, those chances can be hard to come by, and many people --Tennessee residents included -- could find themselves facing prolonged difficulties. However, for those with financial struggles, bankruptcy may be a readily available option for qualifying individuals looking for a new start. 

This type of debt relief is designed to help consumers with liabilities that overwhelm them financially. Individuals who are feeling lost may find information on Chapter 7 liquidation or Chapter 13 repayment plans useful in efforts to get back on track. In many instances, bankruptcy may allow individuals to have a brighter financial future to which they could look forward. 

Bankruptcy may be valid debt relief option for many in Tennessee

Though there are several options for dealing with debt, ignoring liabilities is rarely the best way to go. Rather than simply living with debt and facing the potential for creditors to begin litigation, Tennessee residents may wish to explore their debt relief options. Bankruptcy reorganization is one path that many individuals have found useful to their situations.

One man in another state filed for bankruptcy protection due to considerable debt liabilities. Reports stated that the filing was made earlier this year after a legal dispute between the man and his brother. His brother is listed as one of the creditors in the man's case due to assisting the man with a home equity loan worth $2.5 million. His total liabilities come in at approximately $4 million. 

Bankruptcy could assist Tennesseans with substantial debt

Addressing financial responsibilities can seem like a daunting task for Tennessee residents facing considerable debt. Determining when to make payments and whether more than the minimum can be paid are decisions that many individuals may struggle with on a daily basis. For parties who are facing such difficulties, bankruptcy may be a viable option to consider when looking for debt relief.

Several individuals in another state recently followed this path due to their debt issues. Reports stated that four individuals filed for Chapter 7 bankruptcy and one individual filed for Chapter 13. With the Chapter 7 filings, one man owed more than $1 million dollars, and though he had assets totaling more than the amount owed, bankruptcy could allow him to discharge and repay his debts through liquidation without having to give up all of his assets. 

Tennessee residents may consider bankruptcy for credit card debt

It is not unusual for individuals across the country, including in Tennessee, to have credit cards. Additionally, many of those individuals also have considerable credit card debt. The amount of debt accrued by consumers can lead to substantial difficulties, and individuals may wish to find ways to handle their debt in an effective manner. 

It was recently reported that the amount of credit card debt amassed by U.S. consumers could potentially reach $1 trillion by the end of the year. This amount would be the highest such debt has ever been. As a result, it stands to reason that many individuals may be struggling to pay off their outstanding balances. Indeed, it was also reported that the average household has approximately $9,600 in credit card debt. 

Bankruptcy can stop creditor harassment over credit card debt

Many consumers in Tennessee and other states are harassed by debt collectors every day. Reportedly, the Consumer Protection Financial Bureau is working on overhauling the rules related to debt collecting and the limits placed on collection agencies. The bureau says a recent study revealed that about three in 10 consumers who were questioned indicated that they had experienced creditor or debt collector calls during the past year. One in three of those said the debt collectors tried to collect amounts that had already been paid, or they demanded the wrong amounts. These calls can be for forgotten medical bills, unpaid credit card debt and more.

Debt collectors must identify who they are, on whose behalf they are calling and the amounts of the debts about which they are calling. The consumer may dispute that debt, and if the collector cannot provide detailed proof within 30 days, they may not pursue the matter further. Sometimes, companies sell their debts to third and even fourth parties, and these collectors may not have the necessary details to provide proof -- and no right to try and collect it. Calls may only be made by collection agencies from 8 a.m. through 9 p.m., and they may be told not to call at work. Furthermore, calls to family members may only be to ask about the client's whereabouts, and the debt may not be discussed.

Chapter 7 may be the answer for some Tennessee residents

Bankruptcy is a debt management option that many Tennessee residents may have considered at one point or another. Chapter 7 is the most common form of bankruptcy, and its liquidation process has allowed numerous individuals to get back to financial stability. As such, individuals who are on the fence about filing their own personal bankruptcy may wish to look into the potential benefits. 

One man in another state recently took advantage of this option. Reports indicated that the chef and restaurateur had accumulated over $1 million but less than $10 million in debt. It appeared that the creditors listed in the report were business related, but it was also noted that there were over 100 creditors involved in the case. Of those specifically named in the report, the debt amounts ranged from approximately $12,000 to over $406,000. 

Debt forgiveness may depend on bankruptcy type in Tennessee

Tennessee residents looking to get back on stable financial ground may wonder about the best routes for doing so. Considering bankruptcy may be a viable route to take, but some individuals may be concerned about what types of debt may be forgiven through this process. Though it often depends on which type of bankruptcy is filed, there are some liabilities that may not be discharged.

Divorced individuals may have specific concerns as many debts relating to divorce may not be eligible for discharge. If individuals owe child support or alimony, those debts will remain on the record and require payment. Additionally, individuals who owe taxes will likely also be required to pay back those debts as certain taxes do not qualify for forgiveness. 

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Memphis, TN 38103

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