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Get A Fresh Start Through Bankruptcy

If medical debt dictates your life, bankruptcy can offer relief

On Behalf of | Mar 5, 2024 | What Bankruptcy Can Do |

Many Tennesseans, perhaps like yourself, have faced the uphill battle of managing medical debt. Working long hours, selling personal belongings and forgoing conveniences are common coping mechanisms.

Understanding the unique nature of medical debt and knowing when to seek support can make a positive difference in your life. It can also guide you toward a solution for the predicament you share with so many others.

Why is medical debt different?

For those mired in overwhelming debt, the fear of losing access to medical resources is a constant threat. Unfortunately, this leads them to prioritize medical bills above other things, even necessities. They may use debt-causing resources like credit cards to pay medical expenses, worsening the situation.

Reasonable sacrifices vs. risk

Making minor adjustments, like canceling entertainment subscriptions or preparing meals at home, can free up resources for debt repayment. However, sacrificing essentials like nutritious food or necessary medical care to pay debt is not reasonable or acceptable. Remember, your health and well-being are paramount.

The scope of the issue

Statistics paint a grim picture, revealing that over 60% of Americans in debt have sacrificed basic needs like clothing, food and adequate housing to address medical bills. They also are more reliant on charity and government benefits programs. Knowing you are not alone can empower you to find a better solution.

There is no legal obligation to suffer without life’s necessities before considering debt relief through bankruptcy. Proactively exploring Chapter 7 and Chapter 13 bankruptcy can prevent your situation from spiraling out of control.

A knowledgeable representative familiar with Tennessee bankruptcies can review your circumstances and help you determine your next steps.