Even though many people would prefer to have little debt, the reality is that there are many ways that debt can quickly pile up and begin to cause you considerable stress and hardship. Medical debt is one of the common culprits of financial challenges because medical bills can be exorbitant and many people find themselves unable to work for a significant period of time after a medical emergency. While it is easy to feel overwhelmed and think that there is no solution, this is not true. In fact, in the majority of cases, there is not only at least one solution but a range of non-bankruptcy remedies that have the potential to provide valuable debt relief.
The reasons why Long Island residents consider filing for personal bankruptcy are varied and diverse. In many cases, a person's need for bankruptcy takes him or her by surprise because the events leading up to the bankruptcy are completely unexpected. Filing for bankruptcy - despite being a difficult decision - can be very beneficial for people who are suffering severe financial hardship prior to filing and desperately need debt relief and a fresh start.
In many cases, an individual or family begins struggling financially after a series of other unfortunate events or circumstances. For example, a person may suffer an unexpected illness or disability and lose his or her ability to work. Lay-offs and job loss are also common predecessors to financial hardship. After the initial stress of dealing with a sudden illness or loss of employment, the strain that comes with efforts to juggle finances and maintain financial stability is often quite significant. It is during these times when people are in desperate need of debt relief options but often do not know where to begin.