10 Reasons People File Bankruptcy

Below are 10 reasons people find it necessary to file bankruptcy.  In many cases, people end up in a financial situation that is not there fault. In others, poor or often no financial plan result in the need for relief.  Despite the factors that lead you to consider filing bankruptcy, we can help.

reasons to file for bankruptcy

  1.  Medical Expenses

    These may result from a catastrophic accident or a long term illness.  Regardless of the reason, past medical expenses can be daunting and sometime too much to overcome.

  2. Job Loss

    Millions of Americans are out of work.  Whether a job loss if caused by an economic downturn or something specific to you, it often results in your getting behind on debt to the point that you can’t ever dig yourself out.

  3. Poor or no financial planning

    Massive credit card debt, large mortgages or car notes often lead to the need to consider bankruptcy.

  4. Lawsuits and Garnishments

    It is one thing to have past due unsecured debts that you can no longer afford to pay.  However, when they reach this stage, the only way to stop the harassment and protect your wages and property is bankruptcy.

  5. Stop Creditor Calls

    Bankruptcy immediately stops all creditor activity against you and can give you piece of mind.

  6. Divorce

    In addition to the added expenses that often accompany a divorce, suddenly finding yourself in a one income household can lead to an inability to sustain your debt.

  7. Saving your Home

    Bankruptcy can often stop or prevent foreclosure and provide you time to save your home.

  8. Saving your Car

    Bankruptcy can often stop or prevent repossessions and provide you time to save your vehicle.

  9. Student Loans

    While student loans are not generally discharged in bankruptcy, it can provide you with breathing space from payments, while at the same time reduced (discharge) other unsecured debt which may enable you to pay your student loans.

  10. Fresh Start

    Finally, it is usually a combination of some of the above that leads a person to consider bankruptcy.  As a result, most bankruptcy filers discharge a large amount, if not all, of their unsecured debt (medical expenses, credit cards, even past due taxes if they are old enough), stop harassing phone calls and put themselves in position to hopefully afford their remaining debt.

If your circumstances have left you awake all night and worrying all day, please contact our Oklahoma Bankruptcy Lawyers today.  We are here to help you obtain the Fresh Start that the law allows.

(We are a debt relief agency and we help people file for bankruptcy relief under the Bankruptcy Code.)