Reed Law Firm, P.A. - bankruptcy

Columbia: 803-807-2565

Florence: 843-536-0073

Medical debt may lead South Carolina residents to seek help

Facing any type of medical situation can be a daunting experience. Whether they are apprehensive about the procedures themselves or worried about how they will cover the expenses, considerable stress can stem from medical treatment. For many South Carolina residents, medical debt can easily lead to feeling overwhelmed and the desire to seek financial help in escaping from the debt.

It was recently reported that medical debt makes up 52 percent of debt on credit reports. It is said that, on average, each person has approximately $580 in medical debt. Of course, many individuals far exceed that average amount. Of those who have debt in collections, some 15 million have only medical debt.

When these financial obligations are in collections, the credit scores of those affected are often substantially lower. Many people are not able to quickly and effectively handle the mounting medical debt that plagues them. Even being conscientious about payments, understanding what insurance will and will not cover and attempting to negotiate with the health care provider may still leave individuals with too much debt to handle on their own.

If South Carolina residents are facing such a situation, they may wish to explore their options for debt relief. Bankruptcy may be a viable route for qualifying individuals who which to address insurmountable debt. Information on the various types of bankruptcy may help interested parties better determine which option could be plausible for their case, and discussing their hopes and intentions with an experienced bankruptcy attorney may allow them to better understand whether the process could be right for them.

Source: kob.com, "Experts Warn Medical Debt Could Greatly Damage Credit", March 30, 2016

No Comments

Leave a comment
Comment Information
Email Us For a Response

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Columbia Law Office
220 Stoneridge Drive, Suite 301
Columbia, SC 29210

Phone: 803-807-2565
Fax: 803-726-4887
Columbia Law Office Map

Florence Law Office
1807 West Evans Street, Suite B
Florence, SC 29501

Toll Free: 843-536-0073
Fax: 843-679-0667
Florence Law Office Map