What Are the Most Common Reasons That People Go Bankrupt?

Posted on : March 6, 2018, By:  D.C. Higginbotham

There are ten major reasons why people may ultimately contemplate filing for bankruptcy in Jacksonville. The support of an experienced Jacksonville bankruptcy lawyer cannot be understated as there will be many complicated issues and pieces of paperwork that need to be completed over the duration of your case. Personal bankruptcy has climbed to an alarming rate with people who are dealing with very complex financial situations. U.S. bankruptcy court statistics indicate that more than 1.5 million people file for bankruptcy every single year. Additionally, approximately 97% of bankruptcy filings are made by individuals rather than by businesses. The most common reasons why people end up going bankrupt often have little to do with a situation they could have anticipated. For example, the top three reasons include medical expenses, a job loss or reduced income. A sudden disruption in your life such as being hurt in a catastrophic car accident and having to pay for your medical expenses without being able to work or having to undergo a sudden medical procedure can represent a significant disruption in your financial life and can make things difficult for you as well as your loved ones.

Furthermore, job loss or reduced income that was no fault of your own can set you back significantly. Trying to figure out how to make a way forward with your financial future can be overwhelming and it can even seem impossible if you don’t have the support from an experienced bankruptcy lawyer who has been practicing in this field for years.

You can benefit from the insight of a lawyer who has successfully helped other individuals navigate these situations and get the fresh start that they deserve. Trying to get on top of your bills may seem like a mountain you will not be able to conquer. However, intervention from a bankruptcy lawyer can stop creditor harassment, may even be able to help you save your home and can give you a path forward that keeps your financial future top of mind. When there are significant issues to consider in your personal bankruptcy situation, you deserve to have a lawyer who cares about you and your future.