Filing for bankruptcy can be a hard decision for most people to make; however, the circumstances surrounding their situation make it impossible for them to see any other way out. There are many reasons that normal trustworthy people, much like you and me, decide that filing for bankruptcy is their only option. These reasons include:
1. Job loss/unemployment - Many people have great paying jobs and rightfully decide to buy their family a nice home, good cars, and send their children to upscale schools. And why not? They have the money to pay for it. Unfortunately, right when some people are in the prime of their financial life, they find themselves suddenly laid off with little more than a severance package if they are lucky. While they are looking for a new job, the large mortgage, large car payment, and the children's monthly tuition is due. To top it off, many of these people will jump into new jobs that pay significantly less than their old one, just to get some of their bills paid. These people have now found themselves in an unforeseen situation that was beyond their control.
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2. Medical bills - Sometimes the systems that are supposed to protect us, fail us. Other times, we are victims of unfortunate accidents that require extensive hospital stays and months of physical therapy. Even if we have a medical plan that pays 80% of those bills, we still have a large deductible and the other 20% to worry about. Sometimes these medical costs mount up to more than we have the ability to pay back, while still paying housing costs and buying groceries. This is another example of someone who has found themselves in an unforeseen situation that was beyond their control.
3. Divorce/separation - Not only is divorce costly, but you could also end up owing portions of your spouse's debt even ones that you didn't know about. If your spouse files for bankruptcy or is otherwise uncollectable, their creditors will not hesitate to try and get the money from you especially if the divorce is not yet final. Unemployed spouses may also find themselves taking on debt in order to get a car and a place to live after a sudden separation.
4. Predatory lending practices - Some lenders (usually labeled "subprime") prey on those who cannot get loans from traditional lenders and offer them money that they can definitely use, but will likely have trouble paying back when coupled with the large interest rates and fees that these companies often charge.
These situations catch people off guard and throw them into a circumstance that they cannot handle. All of the sudden they are in over their heads, have creditors harassing them left and right, and need a way to get out of this mess. Bankruptcy can be a practical and respectable solution to help these people get back on their feet.
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