What are the Most Common Reasons for Filing a bankruptcy
Are you facing a tough financial phase with a poor credit score? Are you finding it tough to manage your past debts? Are you considering filing a bankruptcy to get rid of these mounted up debts? If yes, consult a bankruptcy lawyer in Putnam County before you take any final decision, and know the common reasons for filing a bankruptcy, some of which are:
Huge medical expenses – A rare or a serious disease of someone in the family results into huge medical bills to pay off. This may compel you to spend a major part of your savings, especially if health insurance of the affected person doesn't cover such expenses. In a situation like this, filing a bankruptcy turns out to be the only solution.
Losing your job – Whether it is due to a resignation, termination, or layoff, losing your job turns out to be a huge blow to your financial career. Though some people are quite lucky to get a severance package, most people end up finding pink slips in their lockers or on desks, with no or little prior notice! Using your credit card only worsens the situation and it is devastating if you don’t have any emergency funds. A desperate situation like this leads people to file a bankruptcy.
Unexpected expenses – Losing your property due to robbery or natural calamities like flood or earthquake for which you are not insured, may lead you to file for a bankruptcy. Since it is unknown to most of the people that they have to go for separate coverage for casualties like these, they not only lose their homes, but also most of their assets.
In case you are facing any of these above situations and find it tough to tide over the resulting financial crisis, you may consider filing a bankruptcy. But before doing so, make sure you hire the professional help of a bankruptcy Lawyer in Putnam County who would help you decide if filing a bankruptcy is the ideal solution to your problems or not.
Huge medical expenses – A rare or a serious disease of someone in the family results into huge medical bills to pay off. This may compel you to spend a major part of your savings, especially if health insurance of the affected person doesn't cover such expenses. In a situation like this, filing a bankruptcy turns out to be the only solution.
Losing your job – Whether it is due to a resignation, termination, or layoff, losing your job turns out to be a huge blow to your financial career. Though some people are quite lucky to get a severance package, most people end up finding pink slips in their lockers or on desks, with no or little prior notice! Using your credit card only worsens the situation and it is devastating if you don’t have any emergency funds. A desperate situation like this leads people to file a bankruptcy.
Unexpected expenses – Losing your property due to robbery or natural calamities like flood or earthquake for which you are not insured, may lead you to file for a bankruptcy. Since it is unknown to most of the people that they have to go for separate coverage for casualties like these, they not only lose their homes, but also most of their assets.
In case you are facing any of these above situations and find it tough to tide over the resulting financial crisis, you may consider filing a bankruptcy. But before doing so, make sure you hire the professional help of a bankruptcy Lawyer in Putnam County who would help you decide if filing a bankruptcy is the ideal solution to your problems or not.