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Medical Debt Archives

New FICO Score Helps Medical Debt

Within the past year or so, FICO has released a new way to record and report medical debt collections, called FICO 9. This model will help Americans suffering from medical debt and can help combat the unequal effects. Most beneficial to the new method will be those who have completely paid their medical collections. It is said that FICO 9 will help lessen the impact of medical debt compared to other types of debt. 

40 percent of Florida adults struggle with medical debt

Whether someone is unable to work after suffering an injury or simply cannot afford to pay their medical expenses, there are many reasons why people have unmanageable medical debt. Unfortunately, for some people in Tampa and throughout Florida, medical bills can make a physical condition even more difficult to deal with. People who are going through this firsthand should explore every debt relief option and remain committed to working towards a successful outcome. After all, debt can become even more difficult to tackle over time and it is imperative to get started right away.

Reaching out to people who are struggling with medical debt

There are many reasons why people throughout the United States end up struggling with unbearable medical debt. For some, an unexpected medical condition or emergency requires them to take on unmanageable debt, while others face costly medical expenses because of a health condition they have been dealing with for years or are unable to work and can no longer cover their hospital bills. Unfortunately, people find themselves in this position far too often in Tampa, Florida, and across the country. At the law firm of Timothy J. Sierra, we understand the numerous obstacles that people who are in this position typically face and extend a helping hand to those who are going through this firsthand.

Medical Debt is Bringing Down Credit Scores

Debt is avoidable. If we pay our mortgage each month and pay off our credit cards we can stay out of debt right? Well other circumstances can cause credit scores to drop, and we might not even be aware they exist, such as medical debt.

Can I prevent my medical debt from damaging my credit score?

Any kind of debt, including medical debt, is bad and can lead to long-term financial problems. Some debt situations get so bad that some people in the Tampa area have to consider bankruptcy. In fact, medical debt is the leading cause of bankruptcy filings in the United States. Not all debt is that bad, but almost any debt will negatively affecting your credit score, including medical debt. So is there anything you can do to prevent medical debt from damaging your credit score?

Americans are still buried in Medical Debt

When a patient goes to the hospital for a procedure they are aware that there will be cost and payments due for the medical attention they have received. These patients are usually able to sort out the cost of their medical bills due to insurance or payment plans. However, what patients do not put into account are the unexpected medical costs that are added on to medical bills, this is what sends patients into debt. More than 63% of Americans receive medical bills higher than what they expected after medical treatment.

Valuable tips for avoiding medical debt

There are all kinds of debt that people get into, including credit card debt, mortgage debt and school loan debt. No debt is good and for many people debt can lead to long-term financial problems, including foreclosures and even bankruptcy. There is another kind of debt that often gets overlooked, but it can be just as serious for anyone in the Tampa area, as any other kind debt. That is medical debt.

  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
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  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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