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These 3 issues often lead to bankruptcy

On Behalf of | Dec 4, 2021 | Bankruptcy |

In Missouri and throughout the country, many people are currently facing financial problems. The good news is that most financial issues are temporary. It is a matter of knowing what options are available to help resolve a particular problem, then determining which solution best fits a specific person’s needs at a given point in time. Sometimes, the most viable option available is to file for bankruptcy.  

Medical expenses are a top cause of debt in the United States 

Any number of issues can spark financial distress. If a person loses his or her job, for instance, it can have an immediate, adverse effect on household finances. One of the most common causes of serious financial crisis in U.S. households is medical expenses. Even for those who carry health insurance, an unexpected illness, injury or surgery can take a heavy toll on a person’s financial status.  

Divorce often results in financial problems 

A spouse might determine that he or she would rather move on in life without a partner rather than stay in an unhappy marriage. Divorce can have substantial financial implications, however. In fact, divorce-related financial trouble is one of the most common issues in the United States that prompt people to file for bankruptcy.  

Unexpected circumstances often present financial challenges 

Needing car repairs, having to relocate when it was not part of one’s plans or any other type of unexpected situation can drain a person’s savings, resulting in a full-blown financial crisis. Filing for bankruptcy has helped many people in Missouri and beyond to obtain debt relief and to restore financial stability over time. A bankruptcy law attorney can explain the various types of programs available, as well as eligibility requirements that must be satisfied before submitting a petition.