When faced with a life threatening illness, worrying about a financial situation should not be an issue. Unfortunately, for too many, the fight for their lives also becomes a fight to afford their necessary treatments. Chapter 13 bankruptcy could be an option for those Tennessee residents struggling with mounting medical and credit card debt.
A recent study found that cancer patients were considerably more likely to file for bankruptcy than those without cancer. As cancer is a prolonged illness requiring varying and extensive treatments, it comes as no surprise that those suffering find themselves with a need for financial assistance more often than those in good health. Medical bills can quickly accumulate and the expenses can be a heavy burden. Finding a way out from under their payments may not always seem like an easy task.
Those patients without insurance or only having partial coverage can become even more quickly crushed by their debt. Other family members may become strained as they attempt to contribute their own money to fighting the mounting debt. While many may feel that there is no way to clear themselves of debt, bankruptcy could be the beginning of a smoother path.
When faced with an illness like cancer, the main focus should be on fighting to get better, not worrying about how to pay for treatments. Choosing to file for Chapter 13 bankruptcy could help create a payment plan that would ease the stress of wondering when bills would be paid off. Gaining an understanding of bankruptcy laws and requirements in Tennessee could be beneficial in determining if Chapter 13 or another type of bankruptcy might be the right choice for someone under financial stress.
Source: Oncology Nurse Advisor, “Bankruptcy risk increased by cancer,” Kathy Boltz, May 27, 2013