FIVE OF THE MOST COMMON REASONS FOR BANKRUPTCY
Posted on 04 24,2013
Contrary to popular belief, bankruptcy is not always a result of crazy spending habits and unwise choices. The U.S. economy is not performing at its best and financial hardships can quickly creep up out of nowhere. It is critical to realize that filing for bankruptcy is not what it used to be, it is more commonplace and much more widely accepted. Do not allow other people's misperceptions to dampen your shot at financial recovery. Take a look at some of the most common causes for bankruptcy below:
- Loss of income
When you lose your job, you may be feeling helpless and uncertain of the future. Pretty soon bills start piling up and debts begin to rise. At the David McCormick Law Group, we recognize that this hardship can come as unexpected, but that recognizing the need for help is the first step.
- Natural disaster or other major loss
Hurricanes, tornadoes, earthquakes, flooding and fires can all cause extensive damage to your home, property and other belongings. Trying to replace those lost items and rebuild your life can be expensive. For those that have lost a loved one, the cost of the funeral and burial fees can be extremely high in price. Any number of events that occur out of the blue can be cause for sudden debt.
- Medical expenses
This area can often be one of the major culprits for causing great debt. Accounting for 62 percent of bankruptcy cases, medical costs can be exceptionally costly. If you have suffered an injury, need rehabilitation or physical therapy, are having a baby, or other actions that require the help of a doctor and medications, it can all add up.
For couples that seek to separate from one another, it can actually cost more than most people think. All the costs associated with each attorney can be a lot to handle, not to mention the fact that each spouse now has to restructure their life living only on one income. Communicate with a Virginia Beach bankruptcy lawyer at our firm today to learn about your options.
- Spending too much
Surprisingly only 15 percent of bankruptcy cases are caused by spending too much. You may not even be frivolously spending money on luxury items, but the cost of groceries, gas and other necessities can quickly pile up. Then if your credit card expenses begin to stack up and go unpaid, this can be cause for significant amounts of debt.
As an accredited business by the Better Business Bureau with an A+, the highest rating possible, our firm is reliable and committed. Providing you as our client with top-notch service as we work towards positive results, you can rely on us to help you with your debt relief needs, no matter how insurmountable you think your debt has become. Call our Virginia Beach bankruptcy attorneys for a free initial consultation today and learn about how you can receive $100 off of our services!