The best preparation for such an event is to have accumulated savings. Personal Finance Guru Dave Ramsey recommends saving 6 month's worth of expenses saved up, which is very wise counsel. The reality is that most people don't have anything close to this saved up.
It is also wise to give some thought as to which expenses are truly vital: meals out? Vacations? That new car you've had your eye on? Perhaps these can wait for better days.
Other bills are must-pay: electricity, groceries,rent. The consequences of not paying these are rather dire.