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Top Reasons Why People File for Bankruptcy

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Top Reasons Why People File for Bankruptcy

There are countless reasons why millions of Americans have decided to file for bankruptcy. While there are a few options that people have for managing and eliminating their debt, bankruptcy protection is often the best option to eliminate debt in a reasonable period of time. You may find yourself paying off credit card debt and loans for a decade or longer. By seeking bankruptcy as a means of discharging your debt, you are able to eliminate your debt in a number of months with Chapter 7 bankruptcy and in a matter of a few years with Chapter 13 bankruptcy. When considering bankruptcy as an option for eliminating your debt, people wonder if the reason they are considering bankruptcy is shared by anyone else. Whatever the reason may be for your individual financial circumstances, bankruptcy can be the answer to ending the downward spiral, and beginning with a clean slate.

Top reasons why people file for bankruptcy include, but are certainly not limited to, the following:

  • Medical expenses – The cost of healthcare has increased dramatically over the past few decades and health insurance plans simply do not cover the total cost associated with an individual’s medical needs. In the unfortunate event that you find yourself fighting a mountain of medical bills, you may find that bankruptcy is the best way to satisfy your medical debt and move forward.
  • Decrease in income – Losing a job or a decrease in salary can be detrimental to an individual’s financial situation. With as tough as the job market has been, bankruptcy has been the best option for those who simply cannot keep up with day to day expenses in addition to managing credit card debt, mortgage payments, and any other personal loan payments.
  • Misuse of credit cards or loans – Many people take on multiple credit cards without truly thinking about the consequences of high interest rates that leave them making minimum payments each month and seeing the total balance decrease at a snail’s pace. Personal loans used to pay for unexpected expenses such as car repairs also may leave you slave to hefty monthly payments that seem never-ending. Bankruptcy helps to consolidate this type of debt so that you can eliminate your debt in the most efficient way possible.
  • Divorce – The cost of divorce or legal separation can be quite substantial. From legal fees to the imposition of child or spousal support payments, to the division of property, spouses are often left with very little income and a very large amount of debt. Bankruptcy can help to alleviate the financial strain that individuals commonly experience following a divorce or legal separation.

It is important to speak with a highly skilled Bankruptcy and Debt-Elimination Attorney who can help you manage and eliminate your debt in the most feasible way possible, regardless of the reason for why you have incurred such debt.

Contact The Law Offices of Georgette Miller and Associates, P.C. Today

Individuals who decide to file for bankruptcy today may never have thought their financial situation would lead them to such a decision. Regardless of how substantial your income may be, if you have overwhelming debt that you simply cannot manage, bankruptcy may be the best option for you. Many people fear bankruptcy and believe this form of debt elimination will ruin their credit. This is often a misconception as many people are able to survive bankruptcy and rebuild their credit, enabling them to eventually take on a mortgage and use credit cards responsibly. If you are considering bankruptcy as an option to discharge your debt, you should speak with a skilled Bankruptcy Attorney from The Law Offices of Georgette Miller and Associates, P.C. as soon as possible. Our law firm provides legal services to individuals and businesses located in and around Philadelphia, PA, New York, New Jersey, Washington, D.C., and Baltimore, MD. Contact us today by calling (866) 96-GMLAW to set up an initial consultation with one of our attorneys.