When Tennessee residents go to the doctor for treatment, they may begin to feel better about their health. When injuries and illnesses are taken care of, individuals may feel less stress about the situation and have reduced physical pain. Unfortunately, the medical bills associated with treatment may cause another form of stress as debt accumulates. In such a situation, parties may wish to find debt relief options.
One of the most common pieces of advice for individuals who are facing substantial medical bills is to ask for financial assistance at the hospital involved. Many hospitals may be able to create payment plans or reduce balances in order to ease the burden somewhat for patients. However, in most cases, the amount owed is still considerable and may still cause debt issues.
In other situations, negotiations may not be a viable option. If a party is able to pay some of the bill but not a considerable majority, a hospital may not wish to negotiate. There are also instances in which balances may exceed a person’s yearly salary, making it nearly impossible to pay. In such cases, bankruptcy may be a viable option to explore.
If Tennessee residents with considerable medical debt feel as if they are overwhelmed with their balances, bankruptcy may be able to help. There are various bankruptcy options that could contribute to an individual’s debt relief. Information on Chapter 7 or Chapter 13 bankruptcy and how it could affect medical debt may allow a party to feel better about his or her financial future.
Source: dailyfinance.com, “4 Ways to Deal With Medical Debt“, Nick Clements, April 29, 2015