Guiding You Toward A Brighter Financial Future

How much should you sacrifice trying to pay off medical debt?

On Behalf of | Jan 27, 2023 | Medical Debt

It might surprise you to learn that many Tennessee residents tried extremely hard to pay their debt before filing a bankruptcy. From working multiple jobs to selling the car and walking, most have tried everything to accommodate their debt—especially medical debt.

Why is medical debt so different? Many fear that owing unpaid healthcare bills will interfere with obtaining medical attention in a crisis. To avoid burning these potentially life-saving bridges, most will go far to address medical debt.

Reasonable sacrifices

You can and should make a few sacrifices if your debt is growing out of control. For example, canceling subscription services and brown bagging your lunch could free up enough each month to pay more medical bills. However, you do not need to sacrifice everything.

Unreasonable sacrifices

Is anyone in your family skipping daily meals to save on food costs so those savings can go toward medical bills? Do you ever try to diagnose and treat conditions at home to avoid owing even more? No one should have to miss a meal or forego healthcare because of unpaid medical debt.

Statistics to learn from

According to a recent study, more than 60% of indebted Americans sacrifice essentials like food and clothing to address their healthcare bills. Almost 25% had to seek assistance from a nonprofit or charity due to overwhelming medical debt. These statistics show that medical debt affects many people, most of whom deserve relief.

Know when to act

No law says you must wait until you can no longer afford necessities like food to seek debt relief through a Chapter 7 or 13 bankruptcy. Acting fast may even ensure your situation does not worsen. To get started, find out what is required to file bankruptcy in Tennessee.