An accident or illness can dramatically change one’s financial situation. In addition to the added bills caused by medical debt, it is likely that the South Carolina resident may also be facing a reduction in income. This combination can make it impossible for the individual to meet his or her monthly expenses.
No one expects to be in a serious accident or succumb to a devastating illness. Yet, these things happen on a daily basis. One minute the individual is laughing with friends and the next tragedy strikes. Not only does the individual suffer physically, but he or she will most likely suffer financially. Medical bills begin to accumulate, yet the individual is unable to work until he or she has recovered.
Even with health insurance, an accident or serious illness can result in thousands of dollars owed by the individual. Although medical debt does not appear on the credit report for at least six months, once it does, it can have a negative impact on one’s credit. Additionally, if the individual is unable to make timely payments due to the increase in expenses and/or the decrease in income, the impact can be even greater.
In some instances, it is possible for the South Carolina resident to pay the medical debt and move forward. However, in many instances, it is just too great. Rather than continuing to struggle, there are options available to provide financial relief and allow the individual to regain control of his or her finances. An experienced bankruptcy attorney can work with the individual to determine what options are best under the given circumstances.