4 Reasons to File for Bankruptcy


Without a doubt, filing for bankruptcy is still a taboo subject for many Americans. Even so, this reality is mostly due to the lingering existence of unfounded myths surrounding the process. As it turns out, there are many reasons to file, and none is “wrong” or “right.”

If you are someone who is looking for debt relief counseling Toledo OH, you are not alone. The truth is, thousands of Ohio residents file for bankruptcy every year. Read on for a look at some of the top reasons why people end up filing.

1. Medical Bills

In the United States, medical bills come with a high price tag. For many families, it is impossible to pay off debts from surgeries, disabilities and other health-related concerns. Unsurprisingly, medical bills are the number one reason why Americans submit bankruptcy petitions. 

2. Divorce

Another top reason why individuals turn to bankruptcy is to alleviate debt burdens that commonly follow a divorce. When two people separate, it often leaves at least one of them in an economically vulnerable position. As such, divorce is related to many bankruptcies around the country for men and women alike. 

3. Job Loss

Have you ever lost your job out of nowhere? When something like this unexpectedly happens, it can turn you and your family’s lives upside down. Given the potential effects of a job loss, this is another major reason why many people end up contacting a bankruptcy lawyer or counseling services. 

4. Other Unexpected Expenses

In addition to the previously listed unexpected occurrences, there are countless life events that can cause unexpected expenses which can put a family or individual in an economically challenging position. While some people may be better prepared for emergencies, no one is immune. 

At the end of the day, bankruptcy is a constitutional right that the U.S. Constitution affords to every consumer. Whatever your reasons for filing, it is your right to do so.

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