If you’re struggling financially and can’t seem to make a dent in your debt, you may be considering filing for bankruptcy. Whether your home is facing foreclosure or you have mounting credit card debt, it might feel like you have no one to turn to, but that’s not the case. At Ibold & O’Brien in Chardon, OH, you will find an experienced legal team who will guide you through every step of the bankruptcy proceedings. Below, they have shared three reasons why someone might be considering bankruptcy.

Bankruptcy May Be the Answer if You Are Facing:

Medical Debt

Healthcare costs are out of control, and if you suffered a serious illness or catastrophic injury that forced you to miss work, you may be struggling to cover the basics. Medical debt won’t go away if you just ignore it, though. According to CNBC, medical bills are the most common reason why people file for bankruptcy.

Unemployment

If you are no longer making a regular paycheck, you may have resorted to putting everything on a credit card. Long periods of unemployment can result in serious debt, and if you don’t have any job prospects that will allow you to cover more than the basic necessities once you start working again, filing for bankruptcy may be the best option.

Divorce

Even amicable divorces can have a devastating impact on finances. In some situations, filing for bankruptcy following a divorce is the best way to get a clean slate.

If you’re in one of the above scenarios and you’re considering filing for bankruptcy, turn to Ibold & O’Brien in Charon, OH. Visit their website to learn more about filing for bankruptcy, or their other areas of practice, including criminal defense and estate planning, and call (440) 285-3511 to schedule an initial consultation today.