It is no secret that the cost of medical treatments can leave individuals struggling financially, especially if the situation arose from an unexpected emergency. Individuals without insurance could be particularly vulnerable, but those with insurance may also find themselves with substantial costs that were left uncovered by their policies. In either case, bankruptcy may be worth exploring if medical debt becomes too much to handle.
Tennessee residents may consider Chapter 7, Chapter 13
Feeling overwhelmed with debt is a common issue that many Tennessee residents face. Luckily, dealing with debt does not have to seem out of reach as there are relief options such as Chapter 7 and Chapter 13 bankruptcy that could assist qualifying individuals. Of course, there are certain stipulations that could play a role in which bankruptcy may be right for a particular person.
Chapter 7 could help Tennessee residents move forward
Many Tennessee residents have likely faced the difficulties that come along with financial struggles. In many cases, these struggles result from substantial debt that leaves little room for monetary flexibility. If individuals would like to take a step toward ridding themselves of most or all of such debt, they may wish to consider filing for Chapter 7 bankruptcy.
Bankruptcy may be more beneficial than Tennessee residents know
Many individuals who are considering bankruptcy may be putting off filing because they are afraid that doing so means they will lose all of their possessions. Luckily, filing for bankruptcy likely will not leave Tennessee residents with nothing. Even though Chapter 7 bankruptcy includes liquidating assets, there are certain assets that may be considered exempt and remain the property of the owner. Under Chapter 13 bankruptcy, all assets are kept and a repayment plan is used.
Credit card debt, creditor issues may lead to bankruptcy
The majority of people in Tennessee and across the country likely use at least one credit card on a regular basis. Unfortunately for some, credit card debt can become overwhelming and leave these individuals facing serious financial distress. The difficulties they face may make them feel as if they are drowning in uncertainty, and if they are receiving creditor calls, they may suffer even greater anxieties.
