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Chapter 13 may be able to help with Tennessee medical debt

On Behalf of | Sep 18, 2014 | Chapter 13, Firm News

When a person feels ill or is injured, they may need medical attention to treat the situation. Unfortunately, the bills that come along with the treatment can at times make Tennessee residents feel sick. Medical debt affects a considerable number of people, and the stress of the situation may actually contribute to a person becoming ill. Considering Chapter 13 bankruptcy may be able to help lessen the stress for numerous individuals.

A recent study was reported on that indicated 25 percent of Americans have medical debt that exceeds the amount of money they have in savings. This situation can be very stressful for individuals who are facing the burden of their finances and feel that they are unable to handle it. Medical expenses can continue to accumulate or result in parties skipping treatment in an attempt to avoid more debt.

Medical debt can especially be an issue for individuals who do not have enough or any insurance coverage. Despite efforts to provide healthcare through the Affordable Care Act, many individuals continue to struggle with the costs of healthcare. They may find themselves turning from attempts to find helpful insurance programs under the Act to focusing on other financial relief avenues.

Some Tennessee residents may feel that Chapter 13 bankruptcy could be an option during their financial struggles. This type of bankruptcy allows qualifying individuals to create a payment plan that will help them pay off their debts over a certain period of time. Medical debt may be able to be covered under this bankruptcy option, and more information could help struggling parties determine whether this course could be right for them.

Source: Yahoo Finance, “Many Americans Have More Medical Debt Than Savings“, Brian O’Connell, Sept. 15, 2014