Top Five Leading Causes of Filing Personal Bankruptcy in the United States

Leading Causes of Filing Personal Bankruptcy IN THE UNITED STATES There are many reasons why individuals turn to filing for Bankruptcy as a last result when their personal finances have gotten out of control. Find out the Top Five reasons individuals file for Bankruptcy: MEDICAL EXPENSES (62%) 24 Serious injuries and illnesses can lead to staggering medical bills and even with insurance, sometimes it is nearly impossible to get out from underneath the mountain of medical bills. Recent studies have shown that 62% of all personal bankruptcy filings are a direct result of the staggering cost of medical bills. JOB LOSS (22%) 2 The loss of income from a steady paycheck can take a devastating toll on personal finances as well as wipe out any remaining savings account. When you find yourself out of a job, sometimes filing for Bankruptcy may be the only way to land back on your feet. %24 UNCONTROLLABLE SPENDING (15%) Maxed out credit cards, installment debt, and auto loan payments are usually the culprit behind out of control monthly spending. Uncontrollable spending can spiral out of control in a very short period, making Bankruptcy the only viable option for many. 24 DIVORCE (8%) %24 Divorce is never easy for anyone, but costly legal fees, making child support or alimony payments, or finding yourself in the new role of being the sole provider for your family creates a huge burden, leading to financial stress. UNEXPECTED EXPENSES (7%) Life is never predictable, and more often than not, unexpected events occur which leaves many of us scrambling for money. Expenses such as funeral costs for a loved one, fire damage, or natural disaster damage leaves many dipping into an empty pot of finances. ADDITIONAL REASONS FOR FILING FOR BANKRUPTCY: Excessive unpaid parking tickets %$4 Suspended license due to unpaid child support Wage garnishment as a result of unpaid legal fees and ticket fines. READY TO CONSULT WITH AN ATTORNEY TO DISCUSS YOUR OPTIONS FOR FILING FOR BANKRUPTCY? BILL FREEDOM Contact BillFreedom.com today at O (888) 825-2545 SOURCES: http://www.investopedia.com/financial-edge/0310/top-5-reasons-people-go-bankrupt.aspx http://blogs.lawyers.com/2012/05/the-top-5-causes-of-bankruptcy/