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The choice to file for bankruptcy can be difficult to make, mainly due to the stigma that surrounds it. However, bankruptcy isn’t just a shortcut out of debt. It’s sometimes the only available chance at a bright financial future. If you’re wondering what leads most people to file for bankruptcy, and if it’s right for you, consult the following guide.

3 Common Reasons to File for Personal Bankruptcy

1. Medical Bills

When a doctor informs you that you need a certain treatment or procedure to live well, you should accept the help and move forward. Unfortunately, health care costs fall quite heavily on the shoulders of Americans, and it’s easy to slip into debt just by agreeing to a doctor’s advice. If you had to have an emergency heart surgery or go through chemotherapy, you might need to file for personal bankruptcy to stay afloat.

2. Divorce

file for bankruptcyJust like health issues, you may not have a choice when it comes to your spouse’s feelings. If they want to pursue a divorce, you’ll have to pay filing fees and cover a lawyer’s time. If you can’t come to a settlement on your own, you’ll have to pay much more for mediation or court costs. You may also have to give property away to your spouse or provide them with child support or alimony. After the split, you’ll need to pay for a new place to live, and it might have to be large enough to accommodate your children. Therefore, it’s easy to see how a divorce can end in severe debt.

3. Job Loss

Depending on the field you work in, the position you hold, and the state of the economy, you might be vulnerable to a layoff at any time. For many families, a sudden loss of income can be devastating, especially if the individual was providing the majority of financial support for the household. Pretty soon, you may have to put groceries and school uniforms on your credit card, sinking further into debt with each passing week. If you’re having trouble getting hired again, filing for bankruptcy might be a viable solution.

 

If your life’s circumstances have led to a financial rut, William C. Rieth in Rochester, NYis here to help. This attorney has over 25 years of experience helping clients file for bankruptcy, and he will ensure you fill out all paperwork accurately and on time. In addition to Chapter 7 and 13 bankruptcy, he also handles Chapter 11 cases for businesses. To learn more about this trustworthy lawyer, visit the website. You can also call (585) 232-6520 to schedule a free initial consultation.

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