The term “bankruptcy” still carries with it a lot of negative connotations. However, these are rarely backed up by the facts. Yes, reckless spending habits can result in financial troubles, but there is so much more to it than this.
Millions of people in America are currently having money troubles through no fault of their own. Bankruptcy is one of several options that can provide a lifeline. If reckless spending isn’t solely to blame, then what other factors should be considered?
The job market
Often, when individuals are struggling this means that businesses are feeling it too, especially smaller companies. You may have done your job for several years to the highest standard only to be told that you are being let go because the company is struggling. This is a situation that could essentially happen to anyone.
Health issues
Medical bills are another cause of financial woes for citizens across the United States. Routine medical checks aren’t free and a serious illness can cost significant sums of money to treat. Illnesses don’t discriminate and anyone could find themselves in the position of having to fall into debt to cover medical costs.
Family circumstances
You’ve been married for years and are used to having a shared income. You and your spouse have grown apart and divorce is on the horizon. This means that your income is going to be slashed in half. You’re also going to have to take on the upkeep of the family home, and then there is the cost of legal fees associated with the divorce process.
If you’re struggling financially, then help is available. Seeking legal guidance will give you a better idea of whether or not bankruptcy is a feasible option.
