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The Top Reasons That People Today Decide to File for Bankruptcy

More people are opting to file for bankruptcy. This may be the best option if you cannot get out of debt on your own. Bankruptcy gives you a fresh financial start. If you are considering this option, then you should consider talking to a bankruptcy lawyer in Lutz.

There’s a misconception that people only files for bankruptcy because they have not been responsible with their finances. However, there are several reasons someone might decide to file for bankruptcy. For example:

Medical Expenses

The cost of medical care is increasing. Just one night in a hospital could leave you with an unaffordable bill you can’t afford. The numbers don’t lie: 62% of people file for bankruptcy due to medical bills and 72% of them have health insurance. Even with coverage their bills are insurmountable.

Job Loss

People who lose their jobs often find that they are unable to maintain their current lifestyle. They may not be able to make their car or mortgage payments. Even if one has savings, that money can quickly be depleted.

Divorce

Divorce can be expensive. You have to pay lawyer fees and court fees, and someone will have to find a new place to live. That is why many people who are going through a divorce end up with debts they cannot pay.

Unexpected Expenses

It is a good idea to have savings so you’re prepared for the unexpected things that life might throw at you. However, it can be difficult to save money. Even if you have money, it might not be enough to cover an unexpected expense. Car repairs and house repairs are some examples of things that can drain your bank account. A bankruptcy lawyer in Lutz can help you decide whether you should file for bankruptcy if you have an unexpected expense.

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