Even with the Affordable Care Act expanding health insurance to many who did not have it before, many Tennesseans still struggle with medical debt. The increasing costs of healthcare together with stagnated wages and a struggling job market leave several people one medical condition away from financial ruin. Unfortunately, this happens to many individuals. Yet, there are things that can be done in an attempt to reduce hospital bills and obtain debt elimination.
Many Tennesseans try to handle their debt responsibly. They attempt to make payments on time, pay debt off in a timely fashion, and communicate with their creditors when necessary. However, life is always unexpected, and sometimes unexpected events throw a wrench in our financial planning. An unexpected illness, job loss, or wage cut can all leave an individual facing tough financial challenges. However, there are other debts that may be thrust upon an individual in surprising fashion, leaving him or her desperate for help.
As college tuition and the cost of living continue to rise, more and more Americans are finding themselves with overwhelming student loan debt. With high interest rates, these debts can quickly spiral out of control and leave a borrower stressing over whether or not he or she will even ever be able to afford to pay it off. When such personal debt creates extreme financial challenges, these individuals may find themselves asking if they can discharge their student loans through bankruptcy.
Many Americans struggle with their medical bills. In some cases an unexpected condition and/or operation leaves an individual or family with insurmountable debt, but medical bills can also rack up from prescription medication. These drugs, though many times helpful, can cost hundreds of dollars per pill, quickly hacking away at an individual's financial stability. In a matter of time, many of these individuals find themselves with unmanageable debt and fear for their financial future.
Many Tennesseans live in fear of losing their home, and with the sluggish economy and the financial challenges faced by many, it is understandable. The thought of foreclosure can be terrifying, leaving a family not knowing what they will do next. While this fear can be paralyzing, those with overwhelming debt and facing foreclosure should dissuade themselves from inaction.
In today's struggling economy it is not uncommon for an individual to be struggling with personal debt. In fact, one out of every seven individuals is currently being pursued by a debt collector. Medical debt, credit card debt, mortgage debt, and student loan debt can all mount, and before one knows it he or she is overdue on debt and is being harassed by creditors. In some instances, overwhelming debt can even lead to wage garnishment. However, certain protections are in place to protect consumers from debt collectors, and Tennessee residents should take note.
Tennessee readers know how debilitating an unexpected medical condition can be. In addition to large medical bills from hospital stays and doctor visits, people faced with an unforeseen sickness often lose time at work, resulting in financial challenges being compounded. This is just one reason why medical debt is quickly becoming a real hardship for American's and why readers may find the following blog on medical debt and bankruptcy interesting.
There are many reasons that consumers delay filing for bankruptcy or delay in seeking debt relief assistance form a professional. For some it is simply a matter of pride, while others fear bankruptcy will be worse for them in the long run. In fact, the most cited fear consumers have about bankruptcy is that bankruptcy, whether Chapter 7 bankruptcy or Chapter 13 bankruptcy, will destroy their credit score and permanently harm their ability to access financial assistance for car loans, a home or even school. But this belief may not necessarily be rational or true.
Everyone has heard the famous saying "anything worth doing, is worth doing right." While this may sound like an odd application of the well-known idiom, it is as true when it comes to filing for bankruptcy as it is when applied to building a home or raising children. In fact, Tennessee readers may find the following blog about one well-known couples' recent financial woes after a court found them guilty of committing Chapter 7 bankruptcy fraud and why doing it right the first time is so important.
Bankruptcy is not a simple process. Whether you are dealing with Chapter 7 debt relief or debating a bankruptcy exemption with a bankruptcy trustee, it is important to have an attorney with experience and knowledge representing you. Tennessee readers might be interested in a recent Chapter 7 bankruptcy fight that got all the way to the U.S. Supreme Court.