Bankruptcy is Nothing To Be Ashamed Of
Don’t Be Ashamed of Bankruptcy – Talk To A Bankruptcy Lawyer Rochester
If you are considering filing for bankruptcy as a way to help manage or reduce your debt load, you need to know that declaring bankruptcy is nothing to be ashamed of. In some social circles bankruptcy has a negative stigma associated with it that is completely unfounded. There is no need to feel embarrassed that you are having difficulty managing your debt and help is available to you if you just know what legal options you have at your disposal.
According to Debt.org, millions of Americans declare bankruptcy every year and the people who declare bankruptcy are from every walks of life. For instance, some interesting bankruptcy statistics include:
- Bankruptcy filings have been on the rise for the past few decades;
- Roughly the same amount of men and women file for bankruptcy;
- Sixty-four percent of the people who filed for bankruptcy are married;
- Thirty-six percent of those who file for bankruptcy have only a high school education;
- Sixty percent of those who filed for bankruptcy make less than $30,000 annually;
- It is becoming more and more common for senior citizens to declare bankruptcy.
What Can Cause Or Prompt The Need To Declare Bankruptcy
There are all types of scenarios that can prompt someone to need to declare bankruptcy. Some of the most common causes or reasons that prompt people to file for bankruptcy include:
- Unmanageable Credit Card Debt. In many cases of bankruptcy, an individual has racked up a lot of credit card debt that they are unable to manage any longer. The interest rate associated with credit card debt is so high that it makes paying down the balance virtually impossible.
- Emergency Medical Care Not Covered By Insurance. Many people who file for bankruptcy have to file for bankruptcy because of unexpected medical bills. An emergency medical situation might arise in the family and if health insurance doesn’t cover the medical expenses the family can be burdened with medical debt. The cost of medical procedures can cost hundreds of thousands of dollars, which is hard for families, especially low-income families, to afford.
- Sudden job loss and unemployment. Sometimes people lose their jobs and have difficulty finding a new one. Even with unemployment benefits or severance pay, the money source dries up. Without a source of income debts begin to stack up as they go unpaid. Going too long without paying your debts because you have no money could prompt you to file for bankruptcy.
Your First Step for Managing Your Debt Is To Contact Us
If you are overwhelmed by your debt situation and are looking for a way out it is important that you consider the possibility of filing for bankruptcy. The experienced Michigan bankruptcy lawyer at the office of Karen E. Evangelista, PC have helped countless individuals and families as they have gone through the bankruptcy process and we can help you too. Please feel free to contact us today at 248-652-7990.