Needing medical attention can often be a distressing situation due to the health issues that are being experienced and the expenses that will likely result from a hospital visit. For many Tennessee residents, medical debt can lead to considerable financial difficulties. As a result, parties facing such hardships may wish to turn to bankruptcy for debt relief help.
It was recently reported that a study in another state reflected that a considerable number of individuals have suffered medical issues that led to the accumulation of debt. This debt then led to many of those individuals having to file for bankruptcy. The study also showed that over 40 percent of those who did file for bankruptcy in the state faced more than $5,000 in medical debt.
One woman stated that she had undergone surgery for an undisclosed issue and then faced considerable debt. She listed expenses from the hospital, the surgeon and other staff members required for the surgery. Even though she had insurance, she still had a balance of thousands of dollars. Her wages eventually were garnished, and as a result, she turned to bankruptcy for help.
The potential for medical debt can cause many Tennessee residents to question whether they want to seek treatment for illnesses or injuries. It is harrowing that individuals may opt out of treatment in order to remain financially stable. However, some parties may not be able to avoid seeking treatment. Fortunately, bankruptcy can help individuals who are facing considerable debt. Information on possible debt relief options may help interested individuals who may not be able to pay off their medical bills and/or other expenses.
Source: stateofreform.com, “SEIU study confirms link between medical debt and personal bankruptcies in Lane County, OR“, Dec. 9, 2015