BANKRUPTCY IN AMERICA: THE COMPLETE PICTURE
Updated: Mar 30, 2020
THIS SERIES OF BLOG POSTS DEAL WITH VARIOUS BANKRUPTCY TOPICS OF GENERAL INTEREST
GENERALLY AND TO MOST PEOPLE….
The word Bankruptcy has a negative image. The fact that you are interested in this topic at all usually means you are facing some sort of impending financial crisis. Coupled with this impending financial crisis usually are feelings of isolation, and that you are some sort of failure.
However, what you must not forget is that YOU ARE NOT ALONE!!!!
Great numbers of individuals contemplate and in fact follow through with bankruptcy each and every year. Indeed, the demand for bankruptcy is so great that the Federal Court System has created a special branch of courts within it just to handle the thousands who file daily all across the U. S.
Did you know what the most common reasons for bankruptcy are? Most should not surprise you and are common and possible for individuals to fall victim to. They include:
1. HUGE MEDICAL EXPENSES THAT A PERSON CAN NOT GET RID OF
2. LOSING YOUR JOB WITHOUT BEING ABLE TO REPLACE IT WITH ANOTHER ONE THAT PAYS A COMPARABLE SALARY WHICH ALLOWS YOU TO MAINTAIN YOUR EXPENSES
3. BUSINESS FAILURE FOR THOSE WHO OWN THEIR OWN BUSINESS
4. LEGAL SEPARATION OR A DIVORCE THAT TOTALLY WRECKED THEIR FINANCES
5. CREDIT CARD DEBT
For those who were fortunate enough to have maintained savings just in case of an emergency, maybe they have enough to survive the financial crisis without catastrophe. However, for the majority who are suddenly facing a financial crisis, THEY SIMPLY DO NOT HAVE THE MONETARY RESOURCES TO SURVIVE FINANCIALLY!!!
Simply, many people spend too much and save far too little! We simply are not prepared for unexpected financial problems that could arise in life. A person may have to take on large amounts of debt in order to deal with the financial crisis and in doing so destroys their financial health.
Bankruptcy provides the ability to get a FRESH START and a return to the ranks of people who are in control of their financial lives. You are able to survive the sudden loss of your financial health due to job loss, unexpected huge debts like monster medical bills, etc..