608 Mabry Hood Road, Suite 202 | Knoxville, Tennessee 37932
Options for individuals drowning in medical debt
A car accident, prolonged illness or other type of medical emergency can quickly wipe out a person’s savings and lead to crippling and overwhelming bills. Many Americans carry medical debt, but for some, it can spiral out of control and lead to a financial crisis. There are a few ways by which a Tennessee consumer can handle this type of debt and seek a better financial future.
Consumers have rights, no matter what type or how much debt they have. A person struggling with medical bills will find it beneficial to know his or her rights and how to protect credit scores against unfair practices. Creditors do not have consumer best interests in mind, and each person is entitled to fair treatment.
One of the most significant risks associated with having a lot of medical debt is the chance it will be sold to a third-party collection company. In turn, this will ultimately impact a person’s credit score. When credit scores are too low, a person will find it extremely difficult to get loans and apply for other credit.
For some Tennessee consumers, it is possible to deal with medical debt by negotiating a lower payment or lowering the total amount a person owes. Another way for overwhelmed individuals to effectively deal with their debt is to file for bankruptcy. This process allows the applicant to confront his or her financial situation in an organized and effective way. A person who is behind on medical bills may find it beneficial to learn more about the legal options available.
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608 Mabry Hood Road, Suite 202
Knoxville, Tennessee 37932
William E. Maddox, Jr. LLC, Attorney at Law is located in Knoxville, TN and serves clients in and around Knoxville, Oak Ridge, Louisville and Anderson County.
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