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Bankruptcy Can Help Those In Tough Financial Positions

On behalf of Musselwhite, Meinhart & Staples posted in bankruptcy on Friday, February 2, 2018.

Millions of Americans currently find themselves in tight financial positions. Many people are living paycheck to paycheck with little means to cover any sort of emergency. Bankruptcy may offer struggling Kentucky residents some relief.

Approximately 39 percent of Americans have enough money in savings to cover an unexpected expense totaling $1,000. That is a pretty decent number of people; however, 44 percent do not have enough to cover a $400 expense outside of their monthly budget. In either case, millions of individuals lack the funds to cover a significant emergency.

Health issues happen. Job loss happens. Debt happens. When one is already in a financial bind, it can feel like there is little to no relief when the unexpected occurs. Thankfully, that is not necessarily true.

A woman in a recent article shared her debt story, and it is one that may ring true to many individuals. Health issues landed her with $100,000 in medical debt. Working with the hospital, she was able to reduce the amount owed, but it was still too much for her to pay down at her current income level. She is still working out a solution to the problem and, in doing so, she might learn that medical debt may be discharged in bankruptcy.

Now, bankruptcy is not the first line of defense when facing financial strife. There may be other ways to handle the situation. However, bankruptcy may be the way to go when other options fail to produce effective results. Kentucky residents who desire financial freedom can turn to a bankruptcy law attorney who will be able to help them find the best way to tackle their debts.

Our attorneys are more than able to assist you in determining whether a bankruptcy could be an option for you. If you find yourself in tough financial times please contact us at (270) 351-6032 to schedule a free consultation.

Source: msn.com, “Millions of Americans are one paycheck away from the street”, Quentin Fottrell, Jan. 21, 2018

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