Category: Top 5 Reasons

Top 5 Reasons for Filing Bankruptcy - #1: Medical Expenses

7/30/2017

In part 5 of this series we discuss medical expenses which is the most common reason for filing bankruptcy. A recent Harvard University study showed that medical expenses account for approximately 62 percent of personal bankruptcies in the US. Interestingly, the study also showed that 72 percent of those who filed for bankruptcy due to medical expenses had some type of health insurance, thus debunking the myth that only the uninsured face financial catastrophes due to medical-related expenses.

Are you overwhelmed by the burden of excessive debt due to medical bills? If so, contact a Bankruptcy Attorney at 636-724-3355 or visit us at www.bankruptcysolo.com to schedule your no-cost consultation with an experienced bankruptcy attorney.

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Top 5 Reasons for Filing Bankruptcy - #2: Job Loss

7/30/2017

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In part 4 of this series we discuss job loss which is the second most common reason for filing bankruptcy. Each day, thousands of workers leave the workforce due to layoff, termination or resignation. Equally devastating to losing your job is the loss of income. Many are forced into borrowing money or using credit cards to pay for essential bills.

The loss of insurance coverage and the cost of COBRA insurance also drain the job seeker’s already limited resources. Those who are unable to find similar gainful employment for an extended period of time may not be able to recover from the lack of income in time to keep the creditors at bay.

Are you overwhelmed by the burden of excessive debt due to a recent job loss? If so, contact a Bankruptcy Attorney at 636-724-3355 or visit us at www.bankruptcysolo.com to schedule your no-cost consultation with an experienced bankruptcy attorney.

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Top 5 Reasons for Filing Bankruptcy - #3: Poor / Excess Use of Credit

7/29/2017

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In part 3 of this series we discuss poor/excess use of credit which is the third most common reason for filing bankruptcy. Credit card bills, installment debt, car and other loan payments can eventually become unmanageable, until finally the borrower is unable to make even the minimum payment on each type of debt. If the borrower cannot access funds from other sources such as friends or family, then bankruptcy is usually the inevitable alternative.

Some may consider debt-consolidation plans but statistics indicate that most debt-consolidation plans fail for various reasons, and usually only delay filing for most participants. Although home-equity loans can be a good remedy for unsecured debt in some cases, once it is exhausted, irresponsible borrowers can face foreclosure on their homes if they are unable to make this payment as well.

Are you overwhelmed by the burden of excessive debt? If so, contact a Bankruptcy Attorney at 636-724-3355 or visit us at www.bankruptcysolo.com to schedule your no-cost consultation with an experienced bankruptcy attorney.

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Top 5 Reasons for Filing Bankruptcy - #4: Divorce / Separation

7/27/2017

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In Part 2 of this series, we discuss divorce and marital separation which is the fourth most common reason for filing bankruptcy. Marital dissolutions create tremendous financial strain on both partners in several ways. First come the legal fees, which can be astronomical in some cases, followed by a division of marital assets, decree of child support and/or alimony and finally the ongoing cost of keeping up two separate households after the split. The legal costs alone are enough to force some to file, while wage garnishments to cover back child support or alimony can strip others of the ability to pay the rest of their bills. Spouses who fail to pay the support dictated in the agreement often leave the other completely destitute.

If you struggling financially as a result of a recent divorce or marital separation, please contact a Bankruptcy Attorney at 636-724-3355 or visit www.bankruptcysolo.com to schedule your no-cost consultation with a bankruptcy attorney to discuss your options.

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Top 5 Reasons for Filing Bankruptcy - #5: Unexpected Expenses

7/26/2017

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This is the first post in a series highlighting the top five reasons why people file bankruptcy. The March 2017 annual bankruptcy filings totaled 794,492, compared with 833,515 cases in the year ending March 2016. While there are a number of reasons why Americans file for bankruptcy, the reasons for filing can be grouped into five major categories. The fifth most common reason is unexpected expenses. Loss of property due to theft or casualty, such as earthquakes, floods or tornadoes for which the owner is not insured can force some into bankruptcy. Others may be faced with substantial car repairs or other major catastrophes which can quickly drain your bank account.

If you are considering bankruptcy as an option to address unexpected expenses, contact a Bankruptcy Attorney at 636-724-3355 or visit www.bankruptcysolo.com to schedule your no-cost consultation with a bankruptcy attorney.

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Top 5 Reasons for Filing Bankruptcy - #1: Medical Expenses

Top 5 Reasons for Filing Bankruptcy - #2: Job Loss

Top 5 Reasons for Filing Bankruptcy - #3: Poor / Excess Use of Credit

Top 5 Reasons for Filing Bankruptcy - #4: Divorce / Separation

Top 5 Reasons for Filing Bankruptcy - #5: Unexpected Expenses

Brandee D. Iannelli

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St. Charles and St. Louis Missouri Bankruptcy Attorney

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