Wootton & Wootton, P.C.
Call Today For a Free Consultation
919-794-8660 800-610-3643

What are some of the reasons that people go bankrupt?

If like many people in North Carolina, you are struggling to pay your bills, you may be wondering about bankruptcy and what drives people to file for it. According to the Huffington Post, more than 1.5 million Americans file for bankruptcy each year and their reasons for doing so are likely due a number of contributing factors.

If you were to lose your job, keeping up with your bills would become a huge problem and that is a conundrum that a number of people face. An unexpected job loss, especially if you have no savings to fall back on, can be devastating and filing for bankruptcy may be the only way out for many individuals.

While some people who are saddled with large amounts of credit card debt are simply irresponsible with money, that cannot be said for all of them. An emergency expense such as a car repair or an unanticipated medical procedure can often end up going on a credit card and those balances can take a long time to pay off. In fact, almost 62 percent of bankruptcies are caused by medical debt and surprisingly, many of the people who file for that reason do have health insurance.

In addition, just because you were able to secure a mortgage to purchase your home does not mean that you will always have the ability to keep up with the costs to maintain the house. These costs can include utility bills, insurance premiums and household repairs, and if it gets to the point that you can’t afford your mortgage either, filing for bankruptcy may be the only means you have to avoid being foreclosed on.

No Comments

Leave a comment
Comment Information

Learn How To Get A Fresh Start

Don't struggle with debts a day longer than necessary. Fill out this form to email our attorneys today.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Durham and Henderson for your convenience.

Connect with us:

facebook google plus

Durham Office
3200 Croasdaile Drive
Suite 504
Durham, NC 27705

Toll Free: 800-610-3643
Phone: 919-794-8660
Fax: 919-382-2042
Map & Directions

Henderson Office
1775 Graham Avenue
Suite 104
Henderson, NC 27536

Toll Free: 800-610-3643
Phone: 919-794-8660
Fax: 919-382-2042
Map & Directions