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Top 3 reasons people file for bankruptcy

Many people dealing with debt they cannot pay are embarrassed at their situation and feel as though they are facing it alone. On the contrary, this is one of the most common financial problems, and people all around you have likely been in your position before. Shame will only prevent you from finding a solution to the problem, so it is important to approach it realistically and consider all of your options.

Bankruptcy is one of these options. Far from a symptom of failure, it is often the best way to get out from under debt you cannot reasonably pay back. There are many reasons people file for bankruptcy, but the following three life events are some of the most common causes and contributing factors.

Job loss

Sudden loss of income is often financially devastating, and this is exactly what happens when you lose your job. It is easy to fall behind on one bill, and before you know it, you are simply too far behind on all of your bills to get caught up. If unemployment is the cause of your financial struggles, building a bankruptcy case may provide the debt relief you need to start over financially.

Divorce

Divorce is expensive, and it is also a common reason why people file for bankruptcy. Between the expenses of a lawyer, finding a new home and adjusting to a new lifestyle, you may find yourself facing financial struggles that did not affect you when you were married. Divorce Magazine even offers several tips for dealing with bankruptcy during or after a separation.

Medical bills

Illness and injury can happen to anybody. Nobody is safe from a car accident that could land you in the ER or a health problem that may impair your ability to work. Seeking treatment for such conditions, too, is going to be expensive. Even with insurance, many people accumulate crippling medical debt. Bankruptcy is a possible solution when medical bills make you feel like you are drowning.

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