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FAST TRACK DEBT RELIEF ADVICE BLOG
JUN 01, 2015, MONDAY
Piggy-bank-didnt-get-debt-relief-now-its-filing-for-bankruptcy 10 Reasons People File for Bankruptcy

Living debt free is a goal for many, but getting there can be tough. Often bankruptcy is a last resort to achieve that goal. Personal bankruptcy is actually more common than you think, and the numbers are going up quickly. Statistics suggest that 1.5 million people file every single year, and 97% of those filings are individuals. Wondering why so many people go bankrupt? Here are ten of the most common reasons.

  • Medical Bills: A recent study suggested that 62% of all personal bankruptcies were caused by medical bills, and not all of those were people who didn’t have insurance. In fact, 72% of those individuals actually had health insurance, and the medical bills still piled up enough to cause filing for bankruptcy.
  • Pay Cuts: Whether they had to be furloughed for a few weeks each year, they didn’t get that holiday bonus, or they simply experienced an actual pay cut, employees often have to file for bankruptcy when their employers are struggling.
  • Lost Job: While a pay cut can certainly mean trouble, a lost job can be far harder. Not only may the severance package may not be enough, but it can bring with it expenses like additional insurance costs. Add that to the fact that it can tough to get back into the workforce, and you have a recipe for bankruptcy.
  • Credit Card Debt: Today’s society doesn’t make it easy to live debt free, and credit card debt can pile up for many different reasons. From emergency expenses to irresponsible spending, this is one of the biggest reasons people file for bankruptcy.
  • Relationship Breakups: Divorce is also often responsible for bankruptcy filings, as it tends to mean a loss of income and assets, as well as legal fees.
  • Emergency Expenses: The idea that bankruptcy is just one big expense away isn’t far from the truth for many. It could be a major storm that damages your home, an expensive car repair, or an unexpected death in the family, but no matter what it is, it can drain the expense account quickly.
  • Student Loan Debt: Many people are struggling with student loans. Statistics suggest they result in 15,000 bankruptcies every year, and since they’re not always part of the filing, they can continue to be part of a debt problem well after the bankruptcy is settled.
  • Utility Payments: The cost of a winter storm gets more expensive every year. The mercury in the summer seems to get a bit higher every year too. That translates into some seriously expensive utility payments, and if you get behind, things can get out of control pretty quickly.
  • Home Foreclosure: After the mortgage crisis just a few years ago, many people are looking to protect their homes, and filing bankruptcy is sometimes the only way homeowners can avoid foreclosure.
  • Poor Budgeting Habits: If you can’t rein in your spending, it can be tough to make your day to day money work for you. As a result, bankruptcy may be your only option.

There are ways to live debt free, and while bankruptcy is sometimes a last resort, it’s also sometimes a step toward a new life without the debt. Just make certain you explore all of your options first.

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