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Tennessee residents could face repossession due to medical debt

On Behalf of | Jul 12, 2013 | Asset Forfeiture, Firm News

Hearing of a personal or of a loved one’s illness can be a heart-wrenching experience. Knowing that there is possible pain and suffering in the near future can make anyone’s stress levels raise. Unfortunately for most people, including those in Tennessee, the sickness itself is not where the burden ends. Healthcare can present a considerable financial strain, and many patients find themselves worrying about how they will pay their bills. Their minds begin to jump to unfortunate scenarios including the possibility of repossession of their property.

Many Americans have some type of debt accumulation. When a sudden illness befalls a debtor, their debt can significantly increase as medical bills are added to their already existing debt. Medical debt is currently the top cause of substantial financial hardships, and even those with insurance are not exempt from the risk of possible debt accumulation due to healthcare. Some patients even put off purchasing their medications in order to reduce the amount of money they spend for their health, which has the potential to result in detrimental consequences.

Even people who plan for such an event can be blindsided with how quickly their savings and emergency funds can run out. Illnesses can occur at terrible times, and if a family recently took out a loan for a home or vehicle, the medical expenses could make loan payments almost impossible to pay. When that occurs, those new purchases could be at risk of being repossessed.

When a person is ill, no one should have to worry about the fear of repossession or stress of being unable to manage mounting debt. Luckily, there are bankruptcy options available for those who feel trapped in their financial situation. By looking into Tennessee bankruptcy laws, debtors may be able to find a solution to their monetary issues and hopefully lessen their stress in order to better focus on their health.

Source: NBC News, “Biggest cause of personal bankruptcy: Medical bills,” Dan Mangan, June 25, 2013