Michigan bankruptcy law: Have next to nothing in savings?

Michigan bankruptcy law: Have next to nothing in savings?

Many people in Michigan and across the country have next to nothing in savings. This means that if they experience a significant financial hardship, they could lose everything they have trying to pay for it. Thankfully, when fiscal disaster strikes there are options to deal with it. A bankruptcy law attorney can review the situation and help one find a solution.

According to a recent report, millions of people are living paycheck to paycheck. Most have $1,000 or less in savings. While this may be enough to handle a minor emergency, it is not enough to cover job loss or an unexpected major expense.

One woman shared her story of how a medical issue cost her full-time employment and left her with a substantial amount of debt. Migraines and mini-strokes left her with $100,000 in medical debt. Poor health insurance did not help at all. She was able reduce the amount she owes by talking with the hospital, but her payments are still too much on her meager income.

This is a story that may sound all too familiar to a number of people in Michigan and elsewhere. The issue may not be medical debt in every case, but when one can’t meet his or her debt obligations due to lack of income it doesn’t matter what kind of debt it is. All that matters is getting help as soon as possible. Bankruptcy law or other debt relief options may provide the answer that one is looking for, allowing one to achieve a fresh financial start.

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

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