There is a stereotype around bankruptcy that people who file are reckless with their spending. While this is true for some people, the majority of individuals file for bankruptcy for reasons that are out of their control. Consider some of the most common causes.

Losing a Job
Layoffs and job termination happen to even the best of employees, and losing a steady income can have devastating consequences. While some workers are lucky enough to collect a severance package, most people aren’t given that benefit. Not having a savings fund to prepare for difficult financial times will only make things worse, leaving people in dire circumstances where they have to turn to credit cards to pay their bills. It’s a vicious cycle that is hard to get out of.
Getting Sick
More than half of the bankruptcies filed in the United States are the result of medical issues. Getting sick often … Read more


