Plausible options for financial fresh start could mean bankruptcy

Plausible options for financial fresh start could mean bankruptcy

| Dec 3, 2013 | Debt Management, Firm News

Finding a way out from under burdening debt can seem like a difficult task for many Tennessee residents. Exploring options may seem like a daunting endeavor, and some individuals may wish that their debt would go away on its own. Unfortunately, a financial fresh start typically takes some action in order to achieve. However, there is a group that is looking to help some individuals deal with their burdening medical debt, but the chances of being helped may not be reliable.

A group called Rolling Jubilee has taken it upon themselves to become buyers of outstanding medical debt. This means that they purchase bundles of debt cases, much like other debt collectors, but instead of calling the indebted parties in attempts to have the balance repaid, the group pays off the debt themselves. The parties who had been affected by their debt for possibly years then receive a letter from the organization informing them that their debt has been paid.

While this may seem like an answer to medical debt problems for many, there is no way for an individual to apply for assistance from Rolling Jubilee. The organization must buy their cases in bundles and do not know who they may be helping until they receive their bought cases. As the tactic does not ensure that a specific person with medical debt will be helped by the group, finding other ways to handle debt may be a more viable option for those who are burdened by it.

A financial fresh start is the goal of many Tennessee residents who have faced medical and other types of debt. While having balances spontaneously paid off by a generous non-profit group would be ideal, it is not at this time a realistic solution for debt management. Therefore, understanding options such as bankruptcy and how such routes could benefit an individual’s financial situation could lead to debt being handled in a more plausible way.

Source: Yahoo Finance, Could The ‘Rolling Jubilee’ Free Americans From Debt?, Mandi Woodruff, Nov. 21, 2013