4 Common Reasons for Bankruptcy
4 Common Reasons for Bankruptcy
Filing for bankruptcy can be overwhelming, and many people do not even know if they should be filing for bankruptcy. Most people who are filing for either Chapter 7 or Chapter 13 bankruptcy don’t even know the most common reasons for filing. A lot of people simply cannot keep up with their bills and other payments, and they struggle to get back on track. To offer bankruptcy assistance, Lewis and Jurnovoy will be providing these reasons for bankruptcy:
Medical Bill Expenses
Unfortunately for people living in the United States, medical bills can be very costly. If you or a member of your family develops medical problems, you will likely have to pay lots of medical bills, which can drain your savings and put you behind on payments. This is especially true in situations such as a car accident, where other expenses are involved as well. This can cost you lots of money, and many people end up filing for bankruptcy because of the number of medical bills they cannot afford to pay.
Losing Your Job
If you get laid off or if your company simply shuts down, you may lose your job. This may be your only source of income, so you no longer have a way to pay the bills. Job searching can take a while, and the bills may start to stack up. What are you supposed to do? Even if you use all of your savings, you will never be able to catch up. This leads many people to file for bankruptcy because they cannot afford to pay their bills.
Bad Credit Card Usage
Using a credit card can definitely cause some problems, especially if you aren’t using it effectively. If you aren’t making your payments on time, then your payments each month will keep getting bigger or more interest will be added. Be careful to only purchase certain things with your credit card and don’t overspend.
Divorce
Getting a divorce is something that is very costly between the legal fees and every other cost. This can cause you to have extra debt or payments that are hard to pay off, which can lead to you filing for bankruptcy.
If you need a foreclosure lawyer or any other bankruptcy services, contact Lewis and Jurnovoy today.
Lewis and Jurnovoy is a local law office serving the Florida Panhandle. We specialize in bankruptcy law, including Chapter 7 and Chapter 13 bankruptcy. We will work to achieve the best financial remedy for your outstanding debts.
Lewis & Jurnovoy PCB
2714 West 15th St
Panama City, FL 32401
(850) 913-9110
Comments
Post a Comment