It only takes one major illness or significant injury to send your finances into a tailspin. Bills come rolling in from physicians, anesthesiologists, hospitals, labs and therapists. Even those in Long Island with health insurance may find that there are many expenses that were not covered, leaving them in a financial bind.
Per the Kaiser Family Foundation, 26 percent of adults in our nation reported that either they or someone they live with has had issues paying medical bills in the past year. Therefore, it is no surprise that outstanding medical debt can be a great source of stress for families both in Long Island and nationwide. If you are facing medical bills that you cannot afford to pay, there are some steps you can take to address the issue.
While many types of debts can be discharged through the bankruptcy process, Long Island residents may be surprised to hear that tax debts are not one of them. However, there still are steps that those facing an overwhelming amount of tax debt can take to find debt relief.
While it's true that money can't buy happiness, a solid financial foundation can pave the way for a more comfortable path toward contentment. When that foundation begins to crumble, the stress that builds because of bills and money issues can sometimes be overwhelming. It's important to keep a level head, however, because although the situation may at times seem insurmountable, there are options available that make the road to financial recovery within grasp.
For the many individuals in Long Island struggling under a mountain of debt, searching for a way out can seem impossible. In situations like these, debt negotiation programs, also known as debt settlement companies, may seem like the way out of one's problems. However, DNPs often do more harm than good.
Residents of Long Island may be familiar with the work of "Last Week Tonight" television host John Oliver. In one recent episode regarding the debt-buying industry -- an industry that brings in billions of dollars -- Oliver cancelled over $14 million of medical debt for almost 9,000 individuals.
Any business owner operating in New York understands the risks involved with expansion and debt. In some cases, the circumstances of what is owed and when will make it necessary to consider filing for bankruptcy. With a business bankruptcy, it is not the same as a bankruptcy in which an individual is trying to clear debt. Most businesses will be able to use debt negotiators to complete a business reorganization to get back on stronger ground. Understanding the value of this is key to keeping a business afloat in trying times.
Bankruptcy has provided many Long Island residents with much-needed debt relief over the years. It's possible in some situations to pursue non-bankruptcy remedies that also help overcome financial challenges.
Overwhelming debt can happen to New York residents for a number of reasons. Overuse of credit cards, loss of employment, automotive or home repairs or unexpected medical bills can all cause consumers to either overextend their finances or fall behind on their current debt obligations.
People in New York who are considering filing for bankruptcy are frequently confused by the many different options available to them. Compounding that is the fear that a filing with follow them around for the rest of their lives and negatively affect their financial standing forever. The reality is that there are many avenues to debt relief and bankruptcy is one that is often used to get back on better financial footing. A particular option that is available in the right circumstances is Chapter 13. Understanding its benefits is key before moving forward with this strategy.