Top Reasons Why Most of the People File for Bankruptcy
Over the recent years, there have been many evidences
of people filing bankruptcy seeking assistance from a Chapter 7 bankruptcy lawyer Los Angeles. The graph has shown a drastic increase over
the years and is continuing to increase day by day. This makes people search
for reasons as to why people are falling prey to bankruptcy. If you want to
know the real reasons behind it, read further to get to know about a few of
them:
Medical Emergencies
Nobody wishes of falling ill and incurring acute
illness can actually drain a considerable sum of money for paying off the
hospital bills. According to research, it was found out that above 60% of
people fall prey to bankruptcy for meeting the medical expenses. Severe
injuries and disease can actually cause one to invest their savings in medical
bills. Medical bills can be like a huge mountain to climb and may quickly sum
up big for a person to seek assistance from a Bankruptcy lawyer Woodland Hills to
file bankruptcy.
Credit Card Bills
Credit card is a boon for many but can also be a
reason for your fete. Yes, when you fall short of money for paying your
emergency requirements, you can step ahead to use your credit card for paying
the same. But another thing that one needs to take care of is the bill
repayment which if not taken care of can accrue a huge interest sum. This
repayment amount can shoot up to such an extent that it can even lead an
individual to walk to the doors of an Encino bankruptcy lawyer to file bankruptcy.
Student Loans
In order to pursue further studies in a reputed
college, people tend to take student loans for the same. Yes, of course, it is
worth it in connection with education. But again the catch is the loan
repayment. If one fails to repay the loans, then there are high chances that
he/she may become bankrupt. Further, they may need to take a turn towards a Los Angeles
bankruptcy law firm to file for bankruptcy to pay off the loans.
Divorce
You may think of a divorce to be a separation process,
but the truth lies far ahead of the separation in some cases. Divorce can tend
to be an expensive process not just in terms of paying your lawyers but paying
the debts as well in case of joint accounts. Yes, you have heard it right if
the spouses have joint accounts which have some debts then after a divorce both
the parties are liable for paying off the sum. And, God forbid if the sum is
huge then it may lead the account holder to seek shelter at a Los Angeles CA
bankruptcy attorney office to file for bankruptcy.
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Being Fired
from a Job
We can all very well understand how important a job is
for an individual. An individual adheres to a 9 to 6 schedule for earning a
livelihood. And, we can understand the adverse effects if someone happens to
lose their job. An individual may also be having loans and E.M.I’s which he/she
may be paying every month. If a person happens to lose his/her job, it may
become difficult for them to manage the loan repayments and monthly
installments. It may also drain all their savings. And in the worst case, if
they are not able to search for a new job for themselves, they may go bankrupt.
Further, it may lead such an individual to knock the doors of a San Fernando Valley
bankruptcy attorney to File bankruptcy.
Address: 21800 Oxnard Street, Suite 720 Woodland Hills, CA 91367
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