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Bankruptcy may be useful to Tennessee residents with medical debt

On Behalf of | Jul 27, 2016 | Debt Management, Firm News

Facing medical debt is an issue that affects many Tennessee residents. The costs of treatments may cause individuals to wonder whether they could be treated without having to contend with serious financial burdens. Luckily, if patients do find themselves in stressful positions due to medical expenses, they could potentially qualify to have those debts discharged through bankruptcy.

Individuals who are struggling with this type of debt are not alone. Of individuals surveyed, 67 percent stated that they worried about being able to afford medical treatment. Additionally, of parties who had suffered an unexpected illness or injury, 63 percent believed that the costs resulted in their facing financial burdens, some of which were considered serious. As a result, debt issues relating to medical expenses are not uncommon.

Reports went on to state the younger people reported debt more often than individuals 65 and older. Because debt issues are affecting individuals of all ages, some parties may even refrain from visiting doctors in hopes of saving money. In fact, 28 percent of individuals survey indicated that they had forgone medical visits due to costs, and additional parties skipped tests or follow-up visits for the same reason.

It can be a scary situation when an individual needs medical care but feels the potential costs could only add more burdens. Tennessee residents who are facing medical debt may wish to explore other options than putting off medical treatment. Information on bankruptcy options could help them determine whether such an action could allow them to work toward discharging some or all of their medical debt.

Source: Forbes, “Rising Medical Costs Force Patients of All Ages to Make Concessions“, Walker Ray, MD and Tim Norbeck, July 18, 2016