Reed Law Firm, P.A. - bankruptcy

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medical debt Archives

Medical debt, lower incomes pushing seniors into bankruptcy

The idea of a peaceful retirement in which people stop working and live out their remaining years peacefully is no longer a reality for many. Dwindling incomes and soaring health care costs are creating a financial storm for Americans over the age of 65. Now, bankruptcy because of medical debt is sadly not that uncommon for this group. 

Medical debt a financial challenge for South Carolina residents

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.

Medical debt and credit cards

Debt collectors can be quite persuasive. They can often make the South Carolina resident feel as if they must make payments regardless of the situation. The simple fact is, when it comes to medical debt, the average individual often finds it difficult to keep up with the mounting debt.

Medical debt a problem for middle class South Carolina residents

There are a number of misconceptions regarding bankruptcy. Some believe that bankruptcy is only for the wealthy trying to avoid paying debts that have spiraled out of control. Others believe that bankruptcy is used by individuals who have somehow wasted their money and are now looking for a way to escape their situation. Yet, reality for the South Carolina resident is that the majority of those who can and do benefit from bankruptcy are average, middle-class individuals and families.

Medical debt can be a dilemma for many South Carolina residents

Illness or injury often strikes fear in the minds of those facing such issues. Thoughts of recovery, medical needs and even possible death race through one's mind. While these are all relevant concerns when facing such a dilemma, the financial ramifications can also create problems for the South Carolina resident. In fact, medical debt often adds to the fear that these individuals face.

The burden of medical debt

The cost of health care is rising at a steady pace and is creating havoc for many South Carolina families. Unlike credit card debt, medical debt is usually accumulated from unforeseen illnesses or accidents. Whatever the case may be, tackling the debt head on may help lessen the burden on families and help them regain control of their finances.

Debt relief attorney essential when medical debt causes crisis

The typical individual makes numerous decisions on a daily basis. These decisions range from what to wear to what to eat to what purchases to make. For some South Carolina residents, there is also the decision of which bills to pay. Many bills are created by choice, but in the case of medical bills, there is often little choice. This is where a medical debt attorney can be essential.

Medical debt might be hurting South Carolina seniors

Access to advanced medical care is essential for most people in South Carolina and, in some situations, can even be the difference between life and death. Unfortunately, life-saving care often comes with a hefty price tag. Seniors in particular are especially at risk for incurring significant amounts of medical debt, which can put them into financially compromised positions.

Wiping medical debt maybe not enough for South Carolina patients

People fear becoming sick for many different reasons. Some worry about missing work, while others struggle with caring for themselves. However, one of the biggest fears concerning sickness might just be medical bills. Even South Carolina consumers who have excellent health insurance can still be sidelined by overwhelming medical debt from an unexpected illness or injury. The problem of medical debt is so incredibly pervasive that a group of nurses took matters into their own hands.

Medical debt reform might not be helpful for South Carolina

Becoming sick, injured or otherwise unwell is an inevitability of life for many people in South Carolina. Although health insurance can help defray the high cost of seeking care, copays and payments from the insurance company usually fail to address the total bill. Indeed, many of the individuals who seek the help of a seasoned medical debt attorney are covered by health insurance, but still struggle with the final cost of their health care treatment. While various credit bureaus are reforming how they report medical debt, some of those who are truly in need of help will not be affected.

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Columbia Law Office
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Columbia, SC 29210

Phone: 803-807-2565
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1807 West Evans Street, Suite B
Florence, SC 29501

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