Of the top reasons people file for Bankruptcy in the U.S., the following list of three factors accounts for the purposes of the bulk of bankruptcies filed in this country.
- Medical Debt
Anyone who has ever fallen ill from an unexpected sickness or has been diagnosed with a life-threatening and life-altering disease understands the enormous cost of medical care. Even if you are insured, many insurance policies are underwritten to save the company as much money as possible, leaving you on your own to pay for high-cost tests or treatment options for life-threatening diseases. If you are uninsured, then there is no doubt that the medical costs of a major accident or diagnosis can add up quickly, depleting your hard-earned savings and putting your family in debt that seems impossible to escape.
- Creditor Harassment
If you have gotten behind on credit card payments, car payments, or other debt, you already know the extent to which creditors can harass you. Despite legislation limiting how creditors can contact you, they will still call multiple times throughout the day; call your job; call your friends and known relatives; and overall, make the stress of financial problems many times worse.
- Downsizing or Loss of Job
If you are one of the millions of Americans affected by the sustained job loss of the past 5 years, you already know how a few months of missed work can eat into your savings and leave you unable to make your payments. If you lose your job and have a lot of debt, your financial future can seem overwhelming, and bankruptcy then becomes one of the few ways to reestablish a solid financial future.
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