Top Five Reasons to File Bankruptcy
Jun 29, 2017
No one plans to file bankruptcy. Unfortunately, life happens and whether you are dealing with medical problems, job loss, divorce or other financial issues, it can be overwhelming. If you are currently dealing with one of these issues it might be time to look into how bankruptcy can help you get a fresh start.
A single medical issue can result in multiple bills from several different medical providers and they all want to get paid now. This can be difficult when you are on a fixed budget. When dealing with major medical issues, medical debt can be overwhelming. Even if you have insurance, it doesn’t cover all the expenses incurred from surgeries, treatment and care.
LOSS OF JOB OR INCOME
Whether you lost your job or your hours get cut, your savings can only last so long. Finding a new job can be a long process and might not match the income you were once making. After being without a job for long time, the amount of debt you are trying to repay can be more than you are bringing home. Also, if you are a homeowner, you might need the help of a Chapter 13 Bankruptcy to Stop Foreclosure.
It is not uncommon for divorce and debt to go hand in hand. Struggling financially can definitely add stress to a marriage and, if not resolved, along with other issues, can lead to divorce. Also, divorce can be expensive; not only are there legal fees, but now your assets are split, household expenses are no longer split, and there may be child support ordered. Divorce can be difficult emotionally and financially.
A car accident totals your vehicle and you are not fully insured. Mother Nature wreaks havoc, your basement floods, and you didn’t realize your home insurance doesn’t include flood insurance. Life can change in a moment and the money we put aside for emergencies either goes too quickly or just isn’t there.
Who doesn’t like a new car, fancy shoes and the latest and greatest gadgets out there? Keeping up with the Jones is expensive and before you realize it, you are spending more than you make. Now what? You can learn how to budget your income, but that doesn’t help get you out of debt. Creditors can sue you for the money you owe and even start a garnishment on your wages, which makes paying back your debt even more difficult.
Pedersen Law Office, LLC offers free consults in all of our areas of practice and will meet with you personally to discuss your specific circumstances and see what options are available for you. Our law office serves the communities of Appleton, Neenah, Menasha, Oshkosh, Green Bay and their surrounding areas.