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Seeking debt relief after small amounts of debt accumulate

On Behalf of | Jun 18, 2014 | Chapter 7 Bankruptcy, Firm News

Medical debt can quickly accumulate after a serious illness, surgery or unexpected accident, which can lead a Florida individual to seek debt relief. Many people do not consider that even a small amount of medical debt can lead to financial problems and other types of debt. When an individual is considering debt relief options because of any type of owed balance, bankruptcy may be a viable option.

Although from another state, an older American learned what even a small amount of medical debt can do to long-term finances. This man learned that he owed $640 in medical bills after he had a stroke. The amount had gone unpaid and had been sent to collections. He had been receiving calls and messages over this bill of less than $1,000.

The man is also carrying other financial burdens from credit cards, a mortgage and a car payment. Consequently, he may not be able to pay off this small debt. Florida readers may note that this man was recently turned down for a low-interest credit card. This unfortunate situation is an example of what can happen, on a small scale, when a debt goes unpaid and the individual has other financial obligations.

Medical debt is one of the leading sources of debt in the country, as Florida residents may know. Debt is not an issue of which to be ashamed, as many people may be tempted to leave balances unpaid. Instead, it may be best to take proactive steps to understand all legal options for the situation. Certain types of debt can be discharged through the bankruptcy process, and an evaluation of the individual circumstances can determine if this is the best option to find debt relief.

Source: Pittsburgh Post-Gazette, “Medical debt can have long-term consequences“, Tim Grant, June 11, 2014

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