In the aftermath of Hurricane Isaac, many men and women will be returning back to homes that were damaged or destroyed, and cannot afford the thousands of dollars in repairs that are needed to make their home livable again. Natural disasters don’t’ target those with money in the bank, and many men and women who don’t have a savings account or an emergency fund will be hit hard as they try to recover from the disastrous storm. According to ABC Action News, the Hurricane Isaac damage will probably total at about $2 billion. This figure, arrived at by a disaster modeling firm, includes damaged residences and buildings in Louisiana, Florida, Mississippi, and Missouri. A lot of the damages were due to flooding, which ruined carpets and floors in these states almost instantly. The storm has left almost 800,000 without power in Louisiana, Mississippi, Alabama, and Arkansas.

Emergency rescue teams have been rushing around saving men and women who were stranded in the storm, and sent to hospitals immediately. For those without finances to spare, the additional medical bills from their injuries in the storm may put them even deeper in debt. One news source writes that Louisiana’s health care system is still struggling to recover from the damage of the storm. About 21.5 percent of the state’s nursing homes were operating on generator power after they lost electrical power. About 59 of these residential facilities and 36 hospitals had to use generators to keep electronics working, and some of the homes were even evacuated because of the floods. Those who live at home and are on electrical machines were at serious risk to death when the power ceased. Emergency rooms in the south greeted an urge of patients as medical professionals helped those who were harmed in the storm.

ABC News says that most residencies are insured for flood damage, but other types of damage may not be covered. More flash flooding and tornadoes are expected before Isaac comes to rest. If you live in a state that has been affected by this hurricane, then you may be wondering what to do in the wake of the disaster. Maybe you were already in debt before the disaster, and the damages have only elevated your expenses. Sometimes, victims of natural disasters will lose substantial assets and deplete their savings. According to the Economists’ View, many natural disaster victims end up turning to bankruptcy because it is the only way that they can eliminate their debts. One professor at the University of Las Vegas, Nevada writes that within three years after a natural disaster like a hurricane, bankruptcy filings are about 50 percent higher in the states that suffered a direct hit.

There are often charities and other organizations that try to offer some financial relief to victims of a hurricane, earthquake, or another natural disaster. Still, these funds can’t often repair a whole house, pay off a mortgage, and reduce consumer debt as well. If you are struggling with your finances after a natural disaster, bankruptcy isn’t a bad option. With a Chapter 7 bankruptcy, you would be able to liquidate your assets and use the money to satisfy debts that have been hanging over your head. In the end, you may be able to come out of debt, discharge some expenses, and start fresh with the ability to save and spend wisely. This time around, it may be prudent to set up a natural disaster emergency fund to pay for the medical bills and residential damage that may come with another hurricane like Isaac. Talk to a bankruptcy attorney to get more information about this choice and to decide if bankruptcy is your best bet to get out of debt.