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