3 of the Most Common Reasons People File Bankruptcy

It is said, that the bankruptcy rate in America is at its most alarming ever. The economy is in bad shape as everyone knows, but there are other reasons that people are forced to file dreaded bankruptcy as well. If you are on the verge of filing bankruptcy, then the first thing you need to do is hire a reputable lawyer. With that being said, however, read on below for a few of the most common reasons people file bankruptcy in Valdosta and all over America as well.

Medical Expenses

It is estimated that over 62% of all bankruptcy cases are caused by people falling behind on medical expenses. What is so sad, is that over half of these people had some form of health insurance, but their policies didn’t cover enough. Trying to pay normal bills, feed your kids, and pay huge medical bills have proven too much for many Americans and bankruptcy becomes the only option.

Loss of a Job

The economy is tough and the job market tougher. In recent years, many, many people have been laid off or lost a job that they were depending on. Savings and unemployment can only take you so far, and many people have had to file bankruptcy just to stop from going under and losing everything they own. Remember, your best bet is a reputable attorney, don’t try to do this alone.

Credit Card Use

Managing credit card use has become a serious problem for many people in America. It’s easy to spend it but really hard to pay it back and to end up in bankruptcy court is sometimes the only way out.

These are just a few of the most common reasons that American’s file bankruptcy. If you find yourself in this situation, contact a lawyer for help filing today. For more information, contact the professionals at Charles Farrell Law for an appointment to discuss your case.


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