Whether resulting from a surprise trip to the emergency room after an accident or because of problems associated with an ongoing medical condition, many Louisiana residents have found themselves in debt. Overwhelming medical bills have become a serious problem across the country, leaving people unsure of how to handle their finances. Luckily, several debt relief options may be available.
According to data from one personal finance website, almost 24 percent of Americans completely lack emergency savings. There can be many reasons for this, although those without savings are much more likely to incur medical debt if met with an unexpected medical emergency. Financial analysts have stated that everyone should try to save up enough to cover at least six months worth of unexpected expenses to avoid this type of predicament.
For those who are already suffering from excessive medical debt, there may be multiple ways to tackle it. One possible solution is to file for bankruptcy. Studies have suggested that the number one cause of personal bankruptcies in the United States is due to medical bills. The two most common forms of bankruptcies filed by individuals are Chapter 7 and Chapter 13.
Anyone interested in learning more about the different forms of bankruptcy could consult an experienced Louisiana bankruptcy attorney for more information. Even if an individual decides against filing, speaking with an attorney could still prove beneficial for discovering other debt relief alternatives that may be available. An attorney could assess a client’s financial situation to determine the best course of action for his or her circumstances.
Source: marketwatch.com, “Nearly one-quarter of Americans are one emergency away from financial disaster“, Quentin Fottrell, June 30, 2017