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Medical debts continue to affect many families

On Behalf of | Nov 19, 2020 | Bankruptcy

Individuals in Georgia and elsewhere who experience a serious medical condition might not always approach a hospital visit with the possible financial ramifications in mind. Unfortunately, medical expenses can be extensive in nature and even those who carry health insurance may still find that a trip to the hospital could prompt financial strain. Understanding what might happen when payments fall behind and knowing the available options for relief from medical debts could be vital to safeguarding one’s financial future.

Once payments on medical bills fall behind schedule, it might not be uncommon for accounts to be sent to collections. This could happen even if a person is attempting to make payments on similar obligations provided the amounts involved fail to satisfy the minimum due. While experts indicate that similar debts reported to collections might not carry the same weight as others, such issues can still affect one’s credit score.

Individuals who encounter similar hardships may also benefit from knowing that past due medical bills might not appear on one’s credit for up to 180 days. Those who are able to bring accounts current during this period might not even see any negative effects to this area of life. However, this might not always be possible and those who struggle to keep up with medical expenses may wish to know more about all their available options.

Medical debts continue to be a leading cause of financial strain. Individuals in Georgia who suffer under the weight of debt and feel it is time to take action to safeguard their futures could choose to gain insight on their options by speaking with a bankruptcy attorney. An attorney can provide a client with advice in making informed decisions about his or her situation and assist in creating a plan to seek the necessary financial relief through the proper outlets.