Quality bankruptcy lawyers do more than eliminate your debts - they aim to treat the cause. They devote their time and attention to answering your questions about bankruptcy, providing support, guiding you through each step of bankruptcy and preparing you for life after bankruptcy. Unlike many law firms that try to split their time between several areas of law, we focus 100% on bankruptcy. Because we focus our practice solely on bankruptcy matters, we go beyond helping our clients with debt elimination – we offer counsel on how to have a stronger financial future once you receive your bankruptcy discharge.
What are the Five Top Reasons for Filing Bankruptcy?
There are many reasons people file for bankruptcy relief, and we’ve seen almost all of them. However, there are five reasons for filing bankruptcy that seem to come up more often than others. Whatever the reason may be, the symptom that is common to all of them is that you don’t have the money to pay your bills.
While this is definitely financially frustrating, it is also emotionally draining.
#1: Medical Bills
Even individuals with the best health insurance can become overwhelmed with medical bills, especially during a prolonged illness or a medical emergency. For those without any health insurance at all, it is almost impossible for them to pay for expensive medical treatments and medications. Unfortunately, it isn’t uncommon for patients to recover and find that they are facing medical debts with no means to pay those debts. However, bankruptcy is an opportunity for those individuals to obtain a fresh start and begin to rebuild their finances after a long, painful medical recovery.
#2: Business Failure
The recession took its toll on both large and small businesses. Many small business owners were forced to lay off employees in an attempt to keep their business operating; however, in the end, they were just not able to keep the doors open. In most cases, the owner is personally liable for those debts and, because his business is now closed, he is without a personal income to pay those debts. Bankruptcy can wipe out the business owner’s personal liability for those debts. A business bankruptcy will clean up the business and end it so that the owner does not have to worry about its future.
#3: Poor Financial Decisions
There are some cases where people just make a mistake (or several) in managing their money. Money management skills are just like any other skill - - it must be taught and it must be learned. Bankruptcy relief is just as much for these individuals as any other individuals seeking to solve their financial problems and receive a fresh start. We understand how easy it is to make poor financial decisions, and we want to help remedy the issue and provide you with new skills so you are able to make wiser financial decisions in the future.
#4: Income Loss
The loss of a job is devastating, for you and for your family. Even more devastating is the loss of income due to the loss of a spouse, through death or divorce. In all cases, it leaves the family without the ability to pay debts. While dealing with the emotional loss, you also have to deal with the financial loss. Creditors and collection agencies are often unkind and do not care that your family is suffering - - they only want money. Our attorneys want you to know that this is not necessary. Bankruptcy relief is available and it can resolve your debt problem caused by income loss and allow you to get back on your feet.
Bankruptcy and divorce often go hand in hand because the process of divorce can be very expensive. Spouses are dealing with the emotional turmoil of ending their marriage while also facing the problem of making ends meet with one income. This can lead to financial problems very quickly. Before you make the decision to file for divorce or bankruptcy, you should consult with a bankruptcy lawyer to evaluate the course of action that will be best for you.
Treat the Cause, Not the Symptoms
Our experienced bankruptcy lawyers understand the financial and emotional stress associated with not having enough money to pay your bills. That is why we work with our clients to resolve their debt problems by filing a bankruptcy case to give them a fresh start. We then support our clients as they take their required credit counseling and financial management courses to help them learn valuable financial skills they can use in the future to overcome financial problems before they become out of hand. Request a free bankruptcy consultation to see how bankruptcy can help you overcome your financial problems.