If you are considering filing bankruptcy, you may be nervous that others will think you just went out and had a shopping spree at the mall and then decided to not pay your credit cards. For the majority of people filing bankruptcy, that scenario couldn’t be further than the truth.
The top three reasons for filing bankruptcy include:
- Divorce
- Healthcare bills
- Loss of a job
Divorce is a Reason People are Filing Bankruptcy
Do any of these three bankruptcy scenarios apply to you? If so, you are not alone. Let’s look at the first bankruptcy scenario, divorce. Unfortunately, a divorce can be devastating emotionally and financially and possibly result in bankruptcy for either one party or both. The good news is that it is your legal right to get out of debt and start a new financial life in circumstances such as divorce. Kevin Heupel at Heupel law is available to review all of your debt relief options, including bankruptcy, and help you determine if bankruptcy is the best option for you.
Unexpected Healthcare Bills Can Wipe You Out
An unexpected illness of a family member is also one of the top three reasons to declare bankruptcy, even if the family is insured. A loved one is so precious that family members will go to great lengths to provide the proper care needed. This sometimes results in overextending the finances and then having to declare bankruptcy.
As unemployment rates continue to soar due to COVID-19, some people are going to need bankruptcy to recover.
Losing a Job is the #1 Reason People File Bankruptcy
The loss of a job is also one of the top three reasons for bankruptcy. It could be a lay off, reduction in force, etc. but the results are the same. No money coming in, yet you have a family to support. Bankruptcy can provide an option for those who are over extended because of losing a job and not being about to find a comparable job quickly. Due to the current COVID-19 pandemic, it is expected many people will need to file bankruptcy.
Get Help Filing Bankruptcy
The personal bankruptcy stories of our clients vary greatly from younger individuals overextending themselves on credit cards when buying their first house, to those who are going through a divorce, to those who lose their jobs, to older folks getting caught in high interest rate loans for home repairs or unexpected healthcare bills.
Colorado Debt Help understands that bad things happen to good people. You are not alone – and there is a way to start a new financial life after bankruptcy. If you’re struggling to pay your bills and feel overwhelmed by your debt, call Broomfield bankruptcy attorney, Rob Fuicelli, at Colorado Debt Help who can help you decide if bankruptcy is your best option or whether there is another solution for you. Our solutions include debt settlement, credit counseling, debt management plans, etc. The first consultation is free.
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