Common Reasons for Filing Bankruptcy | St. Charles & Troy MO



Common Reasons for Filing Bankruptcy

Common Reasons for Filing Bankruptcy

While everyone’s case is different, there are some common reasons that people tend to file bankruptcy. Far from simply being irresponsible or people who can’t manage money, they are actually good people who simply fell on bad times. The majority of bankruptcy filers simply hit a rough patch and fell behind on their bills. They were then unable to get caught up. If you find yourself in this situation, contact us to learn your options in bankruptcy.

One of the most common reasons people file bankruptcy is divorce. Some people lost almost all of their assets, face steep legal bills, and find themselves saddled with debt when they split from their spouse. Men and women both find themselves in a difficult spot financially after divorce. Bankruptcy might be your best option for getting your debt under control. If you are deep in debt after divorce, you are certainly not alone.

Another common reason for bankruptcy is medical problems. People who face a long hospital stay often leave with big bills (even with insurance). This is to say nothing of missing work and not getting paid. An illness or an accident can really throw even the most financially stable families for a loop. This is a very difficult situation that bankruptcy can potentially help rectify.

Those who file bankruptcy are often good people who have hit some bad times. Bankruptcy doesn’t make a person a bad person or a deadbeat. Instead, it exists to help people who have unsustainable debt. If you find yourself in this situation, bankruptcy can help.

At Westbrook Law Group, we can explain the advantages and disadvantages of filing bankruptcy. We can give you the information you need to make an informed decision for you and your family. We know how difficult it can be to deal with overwhelming debt and we can help. For a free consultation with a bankruptcy attorney, contact Westbrook Law Group right away.

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