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Exploring bankruptcy as an option for medical debt issues

Of all of the reasons why Tennessee residents might need to explore the pros and cons of filing for bankruptcy, medical debt can be one of the most serious. An unexpected medical condition can leave any family's savings account running dry, even with health insurance coverage. So, can bankruptcy be a viable option for Tennessee residents who are facing overwhelming medical debt?

The short answer is "yes." Under Chapter 7 bankruptcy, medical debt is one type of debt that can be discharged. As previous posts here have discussed, in the Chapter 7 bankruptcy process, the filer will list all assets and all liabilities, including medical debt. After non-exempt assets have been sold off, with the proceeds going toward outstanding debt balances, the remaining debts will be discharged.

Unmanageable debt doesn't have to weigh down Tennessee residents forever. While some may eschew the thought of filing for bankruptcy as a reasonable option, the fact is that this legal process was put in place for the exact reason of allowing consumers to get out from under serious debt burdens.

At Mark T. Young & Associates, we understand that filing for bankruptcy is not a decision to take lightly. But we also understand that it is important to point out the benefits of filing for bankruptcy, such as the automatic stay on collection practices that goes into effect when the bankruptcy action is filed. For more information about how our law firm might be able to help you face your medical debt issues by exploring bankruptcy options, please visit the medical debt page on our website.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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