What are some common reasons people file for bankruptcy?
What are some common reasons people file for bankruptcy?
Bankruptcy is a scary word, but it doesn't have to be. And while it's already fairly common knowledge that a lot of people file for bankruptcy every year, not everyone knows the reasons why. In fact, there are many different reasons people file for bankruptcy for a number of reasons. Some are personal, some are financial, and some are just plain avoidable.
Any amount of debt can put you at risk for bankruptcy, especially if you have a high income and can't make your payments. Sometimes the things that cause people to file for bankruptcy are surprises: a health emergency or job loss can suddenly change a person's financial situation beyond their control.
But sometimes, people file because they've made bad choices: they spent money they didn't have, or they kept charging up credit cards even though they knew they couldn't pay them off. Things might seem like they're under control, but then something unexpected happens, and all at once you're in over your head.
When you're struggling to make ends meet, it can feel like there's no way out. You might be thinking that bankruptcy is the only way to bring your financial situation under control. Before you decide to file for bankruptcy, though, consider some of the common reasons that people do it:
1. Unmanageable debt
2. Medical bills
3. Loss of job or income
4. Unexpected expenses
5. Poor budgeting skills
If you have any questions or in need a Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
