Bankruptcy gets a bad reputation in the United States, as many people assume bankruptcy filers are irresponsible or gaming the system to get free money. In reality, neither of these are the driving reasons for most bankruptcy cases. Instead, the bankruptcy process usually provides relief for people who face financial struggles due to unforeseen circumstances.
One of the top reasons for bankruptcy in the U.S. is medical debt. When someone in your family has a serious injury or illness, they need medical care, which is unreasonably expensive. The bills can rack up quickly, and you might not be able to pay them. Bankruptcy can help you move forward and prevent a serious health issue from adding more stress to your life.
Unemployment is another top reason for bankruptcy. When someone loses their job, and the household loses their income, they may not know how to pay the bills. Some households fall far behind on mortgage or rent, utilities, and other accounts, leading to collections or possibly losing their place to live. Some people put bills on credit cards, which only adds to their debt issues if they cannot make credit card payments.
There are many other common reasons for bankruptcy, including poor investment decisions, business failures, fraud, and more. Bankruptcy is a common solution when people find themselves in over their heads in debt – for whatever reason.
If you are struggling to pay your debts, you should discuss your options with a Snohomish County bankruptcy attorney. We can assess your situation and advise whether bankruptcy is the right choice for you.
A Snohomish County Bankruptcy Lawyer Can Help
Bountiful Law represents people in many situations throughout the bankruptcy process. We only recommend bankruptcy when it is appropriate, and we handle every step of your case. Contact us for a consultation today.