Guiding You Toward A Brighter Financial Future

Tennessee first in the nation for medical debt bankruptcies

On Behalf of | Apr 17, 2019 | Medical Debt

Tennessee is known for many of its positive attributes. Nashville is a hub in the music world, and the state’s natural beauty draws visitors from across the nation each year. However, despite the many great things that Chattanooga residents know about their home state, there is one fact that may both surprise and sadden them: Tennessee ranks first in the nation in medical debt bankruptcies.

According to one study, more than 70 percent of individuals who live in Tennessee carry some form of medical debt. While not all medical debts are crippling, they can become burdensome when individuals cannot come up with the money to pay them off in a timely manner. When families are forced to decide between paying down medical debts and putting food on their tables, it can be hard to come up with arguments to push resources into debts that are not going to go away.

Medical debt bankruptcies happen when individuals have no other option than to file for bankruptcy in order to alleviate their growing medical debts. Both Chapter 7 and Chapter 13 bankruptcies may be used to pay down and eliminate medical debts. Individuals who wish to better understand how these processes may serve their needs can contact their bankruptcy and debt relief attorneys.

Tennessee is a great place to live and has many wonder benefits to offer individuals. However, at present its residents are struggling to stay ahead of their medical bills and are turning to bankruptcy as a way to get out from under their staggering medical debts. Medical debt is not the only cause of bankruptcy in the state, though, which is why readers are invited to discuss their debt concerns with bankruptcy attorneys in their communities.